Bank of America seems to have its hands on many troubled Chicago real estate developments, including Block 37 and the Chicago Spire. Most recently, the developer of the Spire, Shelbourne Development Group, has accused the bank of using a faulty method for calculating interest on their loans. It is fairly standard practice to use a 360 day, rather than a 365 day, year to calculate interest in commercial loans. Shelbourne, however, is accusing the lender of ?intentionally and deceptively? using ?contradictory or ambiguous language? in the loan agreement. Construction of the building has been stalled at the foundation level, and completion of the project will depend on resolution of these financial issues. Shelbourne is currently facing eviction from its $10 million sales center in the NBC Tower, yet another indicator of the project’s difficulties.Email This Post To a Friend.