Astani Enterprises and Corus Construction Venture LLC have reached a settlement for downtown's Concerto building located at 9th and Figueroa.
Under the terms of a Plan of Reorganization approved Thursday by the United States Bankruptcy Court, Astani has sold Concerto to Corus, Corus spokesman Peter Marino said in a statement
Last September's failure of Corus Bank, a Chicago-based unit of Corus Bankshares Inc., put the $163 million construction loan used to finance Astani's project in the hands of the Federal Deposit Insurance Corp. The loan now is controlled by a partnership of the FDIC and an investor group led by Starwood Capital Group, part of an unusual public-private push to increase returns on loans and real estate inherited by the FDIC.
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