Heitman LLC has sued to collect $2 million each from three local executives who allegedly guaranteed a portion of an $18.6-million loan on a failed Arizona condominium conversion project. I don’t think this case is going to go smoothly.
The more than 300-unit project in Scottsdale was apparently a side investment for at least two of the defendants, Todd Bryant, president of Healthcare Development Partners LLC, a Chicago-based medical facilities developer, and Frank E. Talbert, managing principal of Chicago-based architectural firm Proteus Group LLC, which specializes in medical buildings. The third defendant is little-known Chicago investor Raymond V. Poe.
Chicago lawyer Patrick Brooks, who represents Todd Bryant, says Mr. Bryant plans to "vigorously defend the lawsuit" and that the complaint is "factually and legally flawed."
What to expect from this?
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