Lender seeks foreclosure on $300M Philly high-rise

PHILADELPHIA (AP) - September 22, 2010

New York-based Istar Tara L.L.C. filed suit last week in Common Pleas Court to place the 33-story 10 Rittenhouse Square building in receivership. Another lender, Delaware Valley Real Estate Investment Fund, filed suit against Istar Tara in July.

Building management tells The Philadelphia Inquirer that 41 of the project's 135 condos are sold or under contract with five more in negotiation. The units are priced from $600,000 to $15 million.

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