chicago-condos & Chicago Real Estate pcherry on 31 Dec 2009 08:40 pm

Foreclosure Hits EcoLogic Lofts

December 31, 2009 - The same Chicago real estate developer who brought us Emerald, the two tower eco-friendly development on Green Street, probably won’t be adding another green condo building to the mix. William Senne, founder of Senco properties is facing two foreclosure suits from the Wheatland Bank of Naperville against his planned Chicago real estate project called EcoLogic Lofts.

According to an article in Crain’s, the development was to be another eco-friendly project located on 2339-59 North Seeley Avenue in Bucktown. Ground was never broken and the article states that Mr. Senne didn’t make public just how many of the planned 94 units were actually pre-sold. But the two foreclosure suits total $6.8 million and the bank claims that Mr. Senne personally guaranteed the loans and they are now in default.

EcoLogic Lofts had some really distinctive green ideas that were part of the project plan. Wind turbines on the building roof top were supposed to generate clean energy, an extensive recycling program for residents was planned and of course a green roof top. But even though those green features were popular at the time, the housing market was down and getting a construction loan near impossible.

Gail Lissner, Appraisal Research Counselors VP was quoted in the article as saying that, “It doesn’t matter how fabulous the project was. Nobody could get a deal going.”

Timing really was everything for quite a few projects the past two years, and developers who launched at the wrong time had difficulty selling new Condos In Chicago.

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