A Chicago developer with plans to develop the ex-YMCA property on Clybourn Ave. and Halsted St. is fighting foreclosure lawsuits on two nearby properties.
PNC Bank filed three foreclosure suits against ventures of Structured Development LLC, seeking $15.8 million in total. The properties in question are a 2.5-acre site that is the former home of White Way Sign Company at 1317 N. Clybourn Ave., and a 2.3-acre lot at 1401 N. Kingsbury that was formerly a Bowman Dairy facility.
PNC also filed to foreclose on another Structured Development property at 211 N. Clinton Street. The building is a former Chicago & Northwestern Railway Power House converted by Structured into offices and restaurants. Structured defaulted on an $8.6 million construction loan it took out in 2007 to finance the project, according to the suit.
National City Bank originally made the loans before it was acquired by PNC in 2008. Structured Development plans to pay off the loans by selling one property and refinancing two others according to a principal at the firm. Structured has secured a loan to settle the debt with PNC in full.
PNC alleges the monthly mortgage payments were missed in summer of 2010. Structured purchased two of the properties in 2007 and 2008, at the peak of the real estate bubble.
The imploding of the real estate market caught both individuals and corporations off-guard. Unfortunately, for many, there is no going back, only forward. There are legal options for those who are in foreclosure.
Benjamn Legal Services – Chicago foreclosure attorney