Carley Mission Partners, which was to restore...

Carley Mission Partners, which was to restore Riverside’s historic Mission Inn, has voluntarily relinquished the deed to the project’s prime lender after the developer defaulted on a loan, according to Chemical Bank. Carley and its general partner--Madison, Wis.-based Carley Capital Group--surrendered property rights to the unfinished hotel to River-Mission Holding Corp., a Chemical Bank real estate subsidiary. Carley said it halted work in early December because it could not reach an agreement on a funding plan to complete the $40-million project, estimated to be $5 million short of completion. Chemical Bank, which has provided $27.3 million of the renovation financing, said it may complete and control the hotel or may sell it before or after work is completed.