17 December 2009 ? There looks to be new life for Lincoln Park Hospital. North Side developers Richard Zisook & Michael Supera recently took title to the five-building complex located at 550 W. Webster (at the intersection of Geneva Terrace, Lincoln Avenue, and Webster Street). This action ended a $31 million foreclosure case against the former developer, Mark Hunt. According to Mr. Zisook, the new plans call for the comprehensive redevelopment of the three-acre site that will eventually include senior housing, high-end condominiums, and retail. In a bizarre twist, the original lender is the lender again. Fifth Third Bank agreed to issue a $25-million loan to the Supera-Zisook venture. Even more strange, Mr. Hunt had originally handed the property back to the bank after defaulting on his loan. Mortgage records show he will retain a minor interest in the property. Typically, defaulting on a loan extinguishes any equity interest of the borrower. Mr. Hunt is expected to consult with the new developers on the retail aspect of the project.Email This Post To a Friend.
Lincoln Park Hospital to get $25 Million Facelift
December 17, 2009
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