8 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!Email This Post To a Friend.
July 8, 2009
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