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.

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