The curse of the Loveable Losers is affecting The Lakeview Baseball Club, a three-story building that overlooks the right field at Wrigley. The building is heading to a sheriff’s auction after foreclosure.
A Cook County judge issued a foreclosure judgment against the owners. A public sale for the building at 3633 N. Sheffield Ave. is scheduled for August 17.
The owner of the building owes its bank $3 million on a senior and junior mortgage. Three other creditors are owed $715,334 according to the foreclosure judgment entered on July 8, 2011. The owner of the building is a venture of father-and-sons Robert, Anthony and R. Michael Racky.
The bank holding the loan, First Personal Bank, originally filed its foreclosure suit in February 2010. The bank alleged the Racky venture stopped paying the monthly payments of $27,753 in December 2009. First Personal provided the $2.8 million senior loan in March 2006, and the $350,000 junior loan in April 2007.
Anthony Racky, a managing director of the club, says the venture is trying to sell the building before the sheriff’s sale. A potential deal is in the works, although he has not identified a prospective buyer.
Martin Oberman, the attorney representing the Rackys says the building’s worth is greater than the debt due to the bank.
According to a Chicago Tribune article, in May 2010, the rooftop netted just $34,365. The monthly mortgage payment for that month was $31,865.
Benjamin Brand Services – Chicago foreclosure attorney