First Midwest Bank N.A. filed a $6.4 million lawsuit against developer William Senne over a business loan backed by 11 of his properties, Crain’s Chicago Business reported on August 11, 2011. The foreclosure lawsuit filed last month alleges a venture managed by Senne failed to pay off the business loan when it came due in August 2010.
According to the complaint, the First Midwest suit is in regards to a loan obtained by retail stores in West Loop Promenade, a 78-unit condominium building built at 1201 W. Adams St. by Senne’s Senco Properties, in addition to 10 smaller residential and retail properties. The loan was originally taken out from Westmont-based First DuPage Bank in August 2005 before First Midwest took over following regulators shutting down First DuPage in October 2009, according to Crain’s.
Crain’s reported that Senne, CEO of Chicago-based Senco, is also facing foreclosure on a 94-unit Bucktown condo project that has yet to be constructed and is still waiting to sell out a 212-unit West Loop development. The complaint, filed on July 8 in Cook County Circuit Court, says First Midwest is seeking to collect the unpaid debt, plus interest, fees and other costs.
Benjamin Brand Services – Chicago bankruptcy attorneys