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Bank Of America National Trust & Savings Ass'n V. 203 North Lasalle Street Partnership: A Different Interpretation, Karen Gebbia

Publications

The story of 203 North LaSalle Street is archetypical of real estate investments. A real estate investment partnership that had no other significant assets owned a substantial part of the 203 North LaSalle Street building, just as thousands of other real estate partnerships own thousands of other downtown office buildings across the United States. Like hundreds of other single asset real estate partnerships, the 203 North LaSalle Street Partnership fell upon financial hard times and filed a chapter 11 reorganization case to prevent the mortgagee from foreclosing on the building. As in many such cases, the financially decimated partners sought …