CHICAGO — Realty America Group LLC has filed a counter claim against Texans Commercial Capital LLC for breach of contract and other charges involving several alleged unfunded loans.
According to the Feb. 4 claim, Realty America and TCC entered into a loan agreement on Dec. 17, 2004 to refinance acquisition debt and developing property in Matteson, Ill. The agreement was later amended on March 10, 2006. Realty America turned to TCC to provide construction financing. The real estate firm said TCC said it had the capital to fund the loan and in May 2007 issued a letter of intent to provide $44.5 million. On the May 18, 2007 closing, TCC failed to fund the loan, according to Realty America.
The two parties later drafted a second agreement for more than $2.5 million, which TCC funded on June 1, 2007, according to the claim. Later that month, Realty America said TCC entered into another amended agreement for $62 million in loan funding. The firm said TCC failed again to fund the loan. Realty America said TCC had insufficient capital to fund the loans.
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