sudler-sothebys-logo8 July 2009 ? A former luxury apartment hotel that many Chicago Cubs called home during the 1940?s is headed for foreclosure. Beal Bank, based in Dallas TX, is seeking to foreclose on 4607 N Sheridan Road, alleging that payments were not made on an $8.2 million mortgage and also that one of the partners made unauthorized distributions of money from the accounts. Because of a unique loan provision that allowed some interest payments to be deferred until the loan matures, the total amount due is more than $15.8 million. Today, Sheridan Plaza is a bleak 12-story structure, that houses 140 low-income rental units. Back in its hey?day, in 1919, it was a luxury apartment hotel, anchoring the vibrant Uptown neighborhood that became well known for hot spots like the Green Mill and the Aragon Ballroom. Those glory days lasted at least though 1945, when the Cubs last went to the World Series and many players lived in the hotel. After those glory days, Sheridan Plaza eventually fell into disrepair and was abandoned until the late 1970s, when the current partnership bought it for $1.1 million. Maybe some of the current Cub?s players with their sky high salaries can help bail out what was once home for their predecessors. But I doubt it!

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About Nancy Gaspadarek

With over nine years in the Chicago real estate market, Nancy continues to enjoy the momentous and exciting process of helping her clients buy and sell homes. Nancy believes that the relationships & friendships that she has developed over the years are priceless. In 2007 she made the decision to partner with Catherine Brennan and the two are collectively known in the industry as The G and B Team. ?It was the best move I could have made?, Nancy says, ?Having a knowledgeable and reliable business partner to counter balance your strengths and have a shared passion to provide top notch service and expertise to all our clients is such a blessing.? Nancy graduated from Florida State University in Tallahassee, where she received a four year scholarship and was the captain of the woman’s volleyball team for four years. Nancy has lived in downtown Chicago for over 14-years in a variety of neighborhoods. Her free time is usually spent playing tennis, golf & running/biking along the lakefront. She participated in the 1998 Chicago Marathon and has competed in a number of triathlons as well. She volunteers with The Friends of Blaine School in Lakeview, as well as Umoja Student Development and loves to travel as much as possible. You can contact Nancy at 773.259.9353 or gandbteam.com

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