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AnchorBank, KeyBridge Development

AnchorBank, KeyBridge Development

Milwaukee, WI: (May-24-08) Hunzinger Construction Co. filed a lawsuit against KeyBridge Development Group, its owner Scott Fergus, and AnchorBank, of Madison, over a dispute concerning the troubled First Place on the River 12-story condo project. The suit was filed over Hunzinger's termination from the project. Sources familiar with the negotiations stated that the parties had reached a settlement agreement, in which AnchorBank, which provided a $48 million construction loan for the project and approved Hunzinger's termination at the request of developer Scott Fergus, agreed to pay Hunzinger $1.27 million to resolve litigation. Hunzinger spokespersons confirmed that Fergus was not a party to the settlement. They said in a prepared statement that the deal represents a complete and total vindication for the company and its employees and confirms that it did quality work on the project. [BIZ JOURNALS: Hunzinger to receive $1.2 million payment from First Place project]

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Published on May-27-08


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