Luxury Motors Next Victim of Car Dealer Consolidation, Down Economy

December 9, 2009

Daily Real Estate Updates

sudler-sothebys-logo9 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.

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About Catherine Brennan

Catherine Brennan is a seasoned real estate agent with over six years experience in closing hundreds of transactions and developing a network of satisfied clients. Because she values customer service above all else, she teamed-up with Nancy Gaspadarek to create the G and B Real Estate Team. Catherine has lived in the city of Chicago since 1990. She is a member of the Lakeview Chamber of Commerce, a volunteer for the Friends of Blaine and Umoja which both focus on enhancing child education. She enjoys investing in real estate and golfing when she can. You can visit Catherine's web site or reach her directly at 312.613.8022 or catherine@gandbteam.com

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