Another Uptown Foreclosure

By Colleen Lobner
photo via Google
(Crain’s) — A lender has sued to collect more than $27 million from the developers of a medical office building near North Lake Shore Drive, including former congressional candidate Dr. Herbert Sohn, a rare sign of distress in a sector that has shown resilience despite the downturn.

A venture that includes Dr. Sohn failed to pay off the loan on a five-story building next to Weiss Memorial Hospital when it came due in November, according to a complaint filed Feb. 4 in Cook County Circuit Court by Wells Fargo Bank N.A.

The 132,000-square-foot structure at 4700 N. Marine Drive, built in 2007, is just 53% leased, according to real estate data provider CoStar Group Inc. Continue Reading