1935 S. Wabash & 1454 S. Michigan Under Water

Posted by Ted Guarnero admin on Thursday, August 18th, 2011 at 12:14pm.

South Loop Condos Staring at Foreclosure

South Loop real estateRecent 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. 

Ted Guarnero, REALTOR® is a full-time real estate agent with over 1000 homes sold and $400 million in sales.  Working with Compass real estate offering professional and effective real estate services to help you succeed in the local real estate market. Visit www.seeChicagorealestate.com for information on downtown Chicago real estate and to get in touch with an expert in the Chicago real estate market. Before you hire your next Realtor call Ted Guarnero 855-See-Chicago, it's on the House !

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