Caught by the depressed condominium market and the credit crisis, developer Keith Giles faces foreclosure on a South Loop property where he had planned a 479-unit condo project. National City Bank has sued to collect $20.2 million from Mr. Giles and his partner in the development, Jerry Karlik, alleging that they defaulted on a loan for the site at 1712 S. Prairie Ave. Unable to secure a construction loan for the project, the pair simply ran out of time and options...more