chicago-condos & Chicago Real Estate pcherry on 24 Apr 2009 11:30 am
First Big Foreclosure Hits Evanston
April 24, 2009 - The latest news out of Evanston is the foreclosure suit filed by Northbrook Bank & Trust Company against the newly completed Grand Bend at Green Bay. Construction began on this six story, 49 unit suburban Chicago real estate development in early 2006 and wrapped up in mid 2008. Despite the curved, modern architectural design of the building, located on 1228 Emerson Street, there was some speculation that the interiors weren’t up to the standards of many luxury condo buyers. Only 11 of the units sold, and according to a recent Crain’s article, the bank is seeking to foreclose on the other unsold 38 condos in the Ferris Homes project.
Northbrook states that they are owed roughly $13.5 million from an August 2005 construction loan they issued. Ferris had initially borrowed $14 million, then went in debt further in 2007, bringing the loan amount up to around $17.3 million. Northbrook claims in the article that Ferris has missed a number of payments, and the payback date of November 1, 2009 is no longer valid.
Ferris Homes has been in business for 10 years and has other developments in Libertyville and Wheaton. Crain’s states that Grand Bend has the dubious honor of being the target of the first large condominium development foreclosure in Evanston.
Despite the speculation that the finishes weren’t up to the high standards of the luxury market, Grand Bend at Green Bay had other factors stacked against it. A couple of other luxury developments were located in the neighborhood to lure buyers, and of course the overall housing market slump didn’t help. But if you’re still looking to buy a Suburban Chicago Condo, there are some good deals on units in developments that aren’t in danger of foreclosure.
Technorati Tags: Grand Bend at Green Bay, Suburban Chicago Condos, Chicago Real Estate
