chicago-condos & Chicago Real Estate pcherry on 27 Feb 2009 04:16 pm

River East Foreclosure, Superior 110 Deliveries

February 27, 2009 - While it doesn’t affect their Chicago condo lofts, residents of the Lofts at River East may be surprised to learn that the River East Art Center has been hit with a foreclosure suit from California lender First Bank of Beverly Hills. This bank is the primary holder of a $28 million dollar loan that is now in default from missed payments, according to a Tribune article. The River East Plaza LLC stated that they had been attempting to renegotiate the loan and get an extension and were not expecting the foreclosure. There are around 50 tenants in the mixed-use development, but most have long term leases that will not be affected by the outcome of the suit.

In other more positive news, Superior 110 is finally closing contracts with buyers and residents will be able to move in sometime in early March. The condos in this 27 story tower with sky blue tinted glass are basically complete except for customizing the remaining unsold units. The common areas and amenities section of the tower are nearly complete as well.

Although this tower is almost sold out, there are still around a dozen units left for sale. The units come with surround sound, stainless steel appliances, Snaidro cabinets, recessed lighting, walk-in closets, washer and dryer, 42″ plasma television, hardwood flooring and are pre-wired for high speed Internet and phones.

With spring being traditionally the busiest season for Chicago real estate sales, it will be interesting to see how many developers roll out incentives on the last empty units in their towers. 2009 could be the year for deals on Condos In Chicago.

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