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JOYCE v. FIDELITY REAL ESTATE GROWTH

Docket No. 1-12-1697.

993 N.E.2d 532 (2013)

2013 IL App (1st) 121697

373 Ill. Dec. 226

Edward J. JOYCE, Not Individually but, Derivatively on Behalf of Neighborhood Rejuvenation Partners, L.P., Plaintiff-Appellant, v. FIDELITY REAL ESTATE GROWTH FUND II, L.P., and Neighborhood Rejuvenation Partners, L.P., Defendants-Appellees.

Appellate Court of Illinois, First District, Third Division.

Rehearing Denied July 23, 2013.

Attorney(s) appearing for the Case

Arthur W. Aufmann , of Law Offices of Edward T. Joyce & Associates, P.C., of Chicago, for appehant.

Theresa L. Davis , of Loeb & Loeb LLP, of Chicago, for appellees.

OPINION

Justice HYMAN delivered the judgment of the court, with opinion.

¶ 1 While the real estate tumble over the past several years may have doomed many real estate projects and investments, it also caused a mini-boom for lawsuits by disgruntled developers, owners, and investors. This is one of those cases. In 2005, a limited liability company, the owner and developer of a highly touted luxury condominium, borrowed $18 million in exchange for a second...

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