.

Glen Town Center Developer Faces $55.6 Million Foreclosure Suit

San Diego-based OliverMcMillan LLC has not made a loan payment on its 267,000-square-foot Glenview mixed-use retail project since July 2009, according to a complaint filed in Cook County Circuit Court last week.

Glen Town Center Developer OliverMcMillan is more than a little behind on loan payments, according to Crain’s Chicago business.

The San Diego-based real estate development company has not made a payment since July 1, 2009 and is facing a $55.6 million foreclosure suit, according to a complaint filed in Cook County Circuit Court last week.

The highly anticipated 267,000-square-foot mixed-use retail center opened in 2003 and was .

But, according to a loan report from Bloomberg, the retail property has not generated enough cash flow to cover its debt since 2006.

“The Town Center was appraised at just $36.4 million in March, well below the $55.6 million in principal, interest and fees the foreclosure suit aims to collect,” Crain’s Chicago Business reports.

In a statement, OliverMcMillan says it hopes to work out a “mutually agreeable” solution with Houston-based Situs Cos., a special servicer overseeing the loan.

Get updates about Northfield's top headlines on Facebook and Twitter

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something