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        <title>Chicago Real Estate News &amp; Community Happenings</title>
        <link>http://www.seechicagorealestate.com/blog/1935-s-wabash/</link>
        <description>Find out about Chicago real estate and community information </description>
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            <link>http://www.seechicagorealestate.com/blog/1935-s-wabash-1454-s-michigan-under-water.html</link>
            <author>Tedsoldit@gmail.com (Ted Guarnero Broker)</author>
            <title>1935 S. Wabash &amp; 1454 S. Michigan Under Water</title>
            <description> <![CDATA[ 
South Loop Condos Staring at Foreclosure


Recent
reports from ChicagoRealEstateDaily.com confirm that two South Loop condo
developments are facing foreclosure lawsuits after the developer, Sedgwick
Properties Development Corp., first started defaulting on construction loan
payments back in July 2010. The first of the Sedgwick properties, 180-unit
Terrazio at 1935 S. Wabash, was originally planned strictly as a fee-simple
building, but has since been leasing the remaining condos out in order to
generate at least some operating income in the midst of the on-going housing
crunch. In a separate lawsuit against Sedgwick, Amalgamated Bank of Chicago is
seeking to recover what is still owed on a $60 million construction loan issued
in 2005 for the 25-story Marquee Condo Tower at 1454 S. Michigan Avenue. The
Marquee condos were completed back in 2008, with this particular loan having a
due date of December 2010; however, Sedgwick has yet to pay the loan off in
full, with Amalgamated seeking $4.17 million in the suit. 
 ]]> </description>
            <pubDate>Thu, 18 Aug 2011 12:14:50 -0500</pubDate>
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