Dear Readers:Â I was out of town last week when SunCal announced that it has entered an agreement to purchase the Stonebridge development in Lake Bluff. Stonebridge LLC partner Christopher Rintz answered my questions, but I missed the email. So here’s a follow-up to the story about SunCal and Stonebridge …. Adrienne
GazeboNews: Is the agreement with you personally, or with Stonebridge LLC, or with New England Builders?
Mr. Rintz: The agreement is between the owner of the property (Stonebridge Lake Bluff LLC) and a single purpose entity related to SunCal, which is very typical in the real estate industry.
GazeboNews: What is the next step toward finalizing the sale of Stonebridge to SunCal? What comes after signing a purchasing agreement?
Mr. Rintz: SunCal is performing their due diligence. The only contingency is that I must be successful in my efforts to have the Village remove the age restriction from the property. Once they have satisfactorily completed their investigations, and the age restriction is removed we can close on the transaction. All this needs to take place before the end of April or the foreclosure becomes imminent.
GazeboNews: Will SunCal keep the name Stonebridge, do you know?
Mr. Rintz: I am not sure, but given the historic nature of the property, they will probably give it due consideration.




