Kelleher firms in receivership

Nama hired receivers to some companies controlled by Garrett Kelleher, a developer who planned to build North America’s tallest building in Chicago, according to sources.

Nama named Mazars to take control of assets tied to Mr Kelleher’s Dublin-based Shelbourne Property Group, said the sources.

Nama is seeking to recoup the €71.2bn of loans owed by developers that the agency bought from banks after the country’s property market collapsed.

Mr Kelleher borrowed from lenders including Anglo Irish Bank as he sought to build an empire that would include the Chicago Spire and office blocks and homes across Ireland and the UK.

Officials for Nama and Mazars declined to comment. Mr Kelleher didn’t immediately respond to emails sent to his office requesting comment.

At least seven of Shelbourne’s units, including Modillion Ltd and Turson Ltd, named Anglo Irish and AIB as their lenders for the year ending March 31, 2009, according to the most recent filings available with the Companies Registration Office.

The firms had combined short-term bank debts of about €327m, the filings show.

Anglo lent €50m to Mr Kelleher to fund his plans to build the Spire building, which was to stand 2,000ft tall.

The project stalled and the builder defaulted on the loan in 2009.

Nama took over the debt and sold it to an affiliate of Stephen Ross’s Related.

The company behind the project, Shelbourne North Water Street, is in Chapter 11 bankruptcy.

Mr Kelleher still plans to build the project, according to a statement in February.

The Irish unit of Lloyds Banking Group named receivers to some of Mr Kelleher’s companies in 2011.

One of those firms, Clarinabbey Ltd, owed €145m to banks at the end of March 2009, according to a filing with the Companies Registration Office.