Trouble Unloading Inventory Results In Foreclosure Action For Chicago-Area Condo Converter

In Cook County, Illinois, Crain's Chicago Business reports:

• NorthSide Community Bank has filed a foreclosure lawsuit to collect $3.5 million on a loan to a Rogers Park condominium converter. The Gurnee-based bank alleges that a venture managed by Greenlight Development LLC failed to pay off a loan [...] when it came due Dec. 29, according to a complaint filed Jan. 31 in Cook County Circuit Court. Mark Greenberg, president of Chicago-based Greenlight, said seven of the 30 units in the building have been sold and another is under contract. He declined further comment. Mr. Greenberg bought the 1930s-era property in June 2006 for $3.4 million, or $113,333 per unit. NorthSide financed the project, which included a renovation of the property, with loan that had an original balance of $4.7 million.

For more, see Foreclosure suit filed on Rogers Park condo conversion.

Go here for details of several other Chicago-area condo developers who appear to be holding the bag on their projects, see Foreclosures on condo projects rise.