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Highlights
Wells Fargo and special servicer Midland filed a foreclosure complaint against Versity Investments' venture over a $45.3 million loan for The Buckingham student housing tower in Chicago, citing a second default and operational decline marked by a drop in occupancy from 94 percent to 79 percent.
This Chicago distress is concurrent with a separate $56 million fraud and misappropriation lawsuit in New York brought by lender Knighthead Funding against Versity and its principals, which has led to a public dispute among partners involving allegations of signature forgery.
In addition to The Buckingham, Versity owns Tailor Lofts in Chicago’s West Loop. It was removed from delinquent status.