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.
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