EcoLogic Units Auctioned, Foreclosure Suits Still Pending for Senne

December 30, 2009

Daily Real Estate Updates

sudler-sothebys-logo30 December 2009 ? William Senne, a prominent Chicago condo developer, recently made a splash by criticizing rival developers who slashed their prices. Now, Senne is pursuing a similar tactic. His proposed ?green building? named EcoLogic and containing 94 condominium units near the intersections of Damen, Fullerton & Elston was to feature a rooftop garden, recycling stations and power-producing wind turbines. Facing two foreclosure suits totaling $6.8 million, Senne has auctioned units and sacrificed amenities to lure more buyers in this down market. It is not clear how many units were sold at the 2339-59 block of N. Seeley Ave. development. Senne, CEO of Senco Properties Inc., had yet to obtain even construction financing and his project never broke ground. His lender, Wheatland Bank of Naperville, says Senne defaulted on two loans related to EcoLogic. Mr. Senne stopped making payments in March on a $5.1-million loan and he now owes more than $5.4 million on that mortgage. He stopped making payments on a second loan, valued at $1.4 million, in July. Most important, Wheatland Bank claims Senne has personally guaranteed both loans.

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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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