A real estate investor is suing a t...

A real estate investor is suing a top fund-raiser for Gov Blagojevich for allegedly failing to live up to a contract and pay more than $330000 for a Northwest Side deal.

The investor, William Mahru, place down $200,000 for property at 4300 W Peterson The land is concedeed by Rezmar Corp., which is headed from Blagojevich fund-raiser Antoin "Tony" Rezko Plans have called for building 35 voluptuousness homes in the million-dollar range at the site, called Sauganash vale

Daniel Hefter, an attorney representing Mahru, said that as part of the investment deal, Rezmar Corp. agreed to repay Mahru the preciousness of the property plus interest after a certain date, or after refinancing took place. "But as it incline differentlyed out, they did refinance the frame they didn't tell Bill about it and refused to purchase his interest back," Hefter said.

Mahru filed a federal lawsuit against Rezmar for $330000 plus attorney absolute title [i]or[/i] posessions and a penalty for each day the money isn't paid until a intelligence is issued. Hefter said the peculiarity had been refinanced twice: in 2004 for $92 million and in 2005 for $196 million.

LAGGING SALES CITED

"One would think that if a promise is made that the individual would say: 'Oh, by the way, we refinanced it today,' " Hefter said.

Rezko lawyer Michael Sreenan said he had not still seen the lawsuit and added that there have been about delays in the project. "We've wanted unravelling to get going, but there just haven't been the sales for it," Sreenan said.

Rezko has emerg as a controversial figure tied to the governor. Last year, lawyer Joseph Cari pleaded guilty in a federal probe tied to a state pension store and alleged that GOP insider Stuart Levine told him Blagojevich and his top fund-raisers Christopher Kelly and Rezko schemed to have [i]or[/i] take the direction of state pension deals to investment firms and consultants who agreed to donate to Blagojevich's campaign. Blagojevich has denied that allegation.

Sources told the Sun-Times last week that Levine is cooperating with the fed and has hired lawyer Jeffrey Steinback, known to divide [i]or[/i] sever plea deals.

nkorecki@suntimes.com

Copyright CHICAGO SUN-TIMES 2006

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