Caught by the depressed condominium market and the credit crisis, developer Keith Giles faces foreclosure on a South Loop property where he had planned a 479-unit condo project.
National City Bank has sued to collect $20.2 million from Mr. Giles and his partner in the development, Jerry Karlik, alleging that they defaulted on a loan for the site at 1712 S. Prairie Ave. Unable to secure a construction loan for the project, the pair simply ran out of time and options for a property that may now only be worth a fraction of the $13 million they paid for it in 2005.
Wednesday, September 30, 2009
X/O Condo Hit With Foreclosure Suit
This has been in the making for awhile, but Chicago Real Estate Daily is reporting that the planned X/O Condominium (1712 S. Prairie Ave) has been hit with a $20.2 million foreclosure suit:
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No way, Get out of Town! I thought this was award winning project according to YoChicago, which meant it was truly a fantastic project, no ? I thought the project claimed sales were well above 50% sold.
Say it isn't so.
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