(Crain’s) — A Dallas bank known for buying distressed loans is seeking to foreclose on an $8.2-million mortgage on a historic former hotel near Wrigley Field, where during the 1940s many Chicago Cubs lived during the baseball season.
Beal Bank alleges that a partnership led by veteran real estate investor Dennis Egidi failed to make loan payments to the bank and also made unauthorized distributions of money from the accounts of Sheridan Plaza, 4607 N. Sheridan Road, according to a complaint filed June 24 in Cook County Circuit Court.
Because of a unique loan provision that allowed some interest payments to be deferred until the loan matures, the total amount due is more than $15.8 million, the complaint says.
Read the entire story, including the history of the building as a luxury hotel, here.
We have to wonder if they spent all the mortgage money on eternal scaffolding?
Maybe Shiller will try and suck this one up too and use it to her benifit and not us residents who are always left out in the cold. Can anyone tell me who the running mate for alderman so I can be sure to start a rally behind them....
ReplyDeleteSo much for that consent decree...
ReplyDeleteWelcome to Uptown's new nightmare.