chicago-condos & Chicago Real Estate pcherry on 31 Aug 2010 10:38 pm

Foreclosure Hits Smaller Chicago Condo Development

August 31, 2010 - It isn’t just the big Chicago real estate developments that are being hit with foreclosure suits. A smaller project from JPV Development Group is facing a $3.5 million foreclosure suite filed by First Commercial Bank. The project is located on the 800 block of North California Avenue and is a group of four buildings with four stories each and 24 Chicago condos total, according to a recent Crain’s article.

The bank claims that JVP wasn’t able to pay off the loan when it came due this past April. They are seeking to gain control of the completed four buildings as well as an unfinished low-rise and the rest of the development land. Petro Misioura of JVP claims that the bank won’t negotiate with him to restructure the loan.

JVP had intended to build a total of 36 condos. An earlier Crain’s article about the development stated that the condos in the first phase have three bedrooms and two baths. The units on the lower level above the retail space were 2,160 square feet and the condos on the top floors were 2,300 square feet. The upper floor condos had a private roof top deck and the other condo residents shared a rooftop area. Original pricing was between $354,000 and $410,000.

If the bank wins the foreclosure suit, buyers can probably expect to see the unsold New Chicago Condos at this development re-listed at lower prices. That’s what usually happens with Chicago foreclosures.

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