Comments Posted By Bankerdanny
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OBAMA-REZKO AND MEDIA IGNORANCE OF "THE CHICAGO WAY"
I agree with pretty much everything in this post.
However, the $855k fee, not that big of a deal. I have worked on a number of senior and/or low income housing deals from the lending end. There is very little profit to be made from the construction itself because the rents you can get won't generally support an end value much higher than the cost to build. The Developer Fee is pretty much all the money that they make.
I don't know Rezko, but I underwrote a proposed condo deal by his company Rezmar (my employer at the time declinde to make the loan). I do know Allison Davis a little (I met him a few times). He is an interesting guy, although not necessarily in a good way.
Someone should look into Rezko's connections with Broadway Bank in Chicago. Broadway is owned by the Giannoulis family and Alexi Giannoulis is the recently elected Treasurer of Illinois.
Comment Posted By Bankerdanny On 6.03.2008 @ 17:16
