9 December 2009 ? Joe Abbas, the owner of Luxury Motors Inc., is yet another casualty in the auto-industry down-turn. The prime property that Abbas purchased in 2007 at 530 W. Chicago Ave. is going into foreclosure. Joe Perillo Sr., a party to the mortgages, filed a $6.6 million foreclosure suit on the property. According to Chicago Crain?s today, ?Before filing suit, Mr. Perillo personally bought two loans on the property, totaling $8.3 million, from MB Financial Bank. How much of a discount, if any, Mr. Perillo got on the notes could not be determined.? The foreclosure suit alleges that the first loan of $6.6-million has defaulted for failure to pay property taxes. Mr. Perillo has offered a deed in lieu for the property.Email This Post To a Friend.
Luxury Motors Next Victim of Car Dealer Consolidation, Down Economy
December 9, 2009
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