City:$1.2m loan safe, buyers eyeing condo project

... The city began advancing its loan in stages when the project was 60 per cent complete.

By the time construction stopped, it had handed more than $ 1,081,207,

secured by a second mortgage. The Canadian arm of

Mumbai-based ICICI Bank, which holds the first mortgage,

went to court to have a receiver appointed Nov. 12 ...

http://www.thespec.com/News/Local/article/477...