A New York real estate lender has agreed to provide the financing Chicago Spire developer Garrett Kelleher needs to pull the failed condominium project out of bankruptcy, Crain’s Chicago Business reported yesterday. New York-based Stonebeck Capital LLC sent a commitment letter to provide a loan to the Irish developer's venture partner so it can pay off the Spire's creditors this month and exit chapter 11, according to the partner, Steven Ivankovich of Chicago-based Atlas Apartment Holdings LLC. The commitment letter and funding source was revealed at a confirmation hearing this morning for the Spire's bankruptcy plan, which a judge approved.
