chicago-condos & Chicago Real Estate pcherry on 31 Aug 2009 09:08 am

Planned Oak Park Development Hit With Foreclosure

August 31, 2009 - Another Chicago real estate development will probably never make it past the drawing board. A $6.5 million foreclosure suit has been filed against a planned mixed-use project in Oak Park. The M&I Marshall & Ilsley Bank of Milwaukee is suing to collect the balance on a loan in default from Oak Park Development II LLC. The company originally borrowed $14.2 million in late 2007, according to an article in Crain’s.

Plans called for an L-shaped four story low-rise with 3,000 square feet of retail space and 42 condos. Alexander Troyanovsky of Oak Park Development has several other projects in the neighborhood, but has experienced problems with financing lately. And even if he could get an extension on the loan or secure other funding, time ran out on the approval for this particular project and the process would have to start all over again.

Speaking of time running out, several experts are advising potential buyers of Chicago Condos who want to take advantage of the $8,000 first time homebuyer tax credit to get busy and do so. The official closing deadline is December 1st, but financial advisors are urging buyers not to wait until the last minute. Paperwork takes time and with the Thanksgiving holiday at the end of November it will slow the process even more. August is over, so you realistically have less than three months left to act.

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