10 February 2010 ? Another developer is suffering the serious consequences of Chicago?s four-year condo market slump. The Columbian, a 46-story condo building at 1160 S. Michigan, has been taken over by the lender, Fidelity, who financed this development’s mezzanine loan. With 71% of the building sold, the developer, Allison David of David Group LLC, was able to pay the primary loan of $92 million to Corus Bank; but not the principal and accrued interest of the mezzanine loan. According to Crain?s today: Fidelity agreed to accept just the principal payment of $18.5 million without the interest. The developer, in-turn lined-up funds in November to pay-off that loan, but Fidelity backed out of the agreement demanding $29 million instead. Fidelity sent a default notice to the developer in January, and took over the Columbian on February 3rd. Davis is suing Fidelity for breach of contract and sabotaging their sales efforts.