Centrum Properties Served with Foreclosure Notice

February 24, 2010

Daily Real Estate Updates

sudler-sothebys-logo 24 February 2010 ?

Centrum Properties has been served a foreclosure notice from Wachovia Bank for the parcel located on the corner of Ashland, Lincoln and Belmont. Centrum purchased this 80,000 square foot site in 2005 for $18,700,00 with the intention to build a $100-million retail/residential project called the Lakeview Collection. In 2008, Centrum restructured their plans dropping condo development for 130 apartments. Unfortunately, financing for new developments ceased to be available as the financial crisis intensified, leaving developers like Centrum stuck with land loans that they cannot pay back.

Centrum is working with another equity partner, and has had productive discussions with Wachovia to restructure the loan.

According to Crains ?Centrum has no plans to give up the property and still plan to build a scaled-back project on it with about 100,000 square feet of commercial space but no residential. CVS Corp. has signed a lease for a roughly 13,000-square-foot drugstore there, while Bank of America N.A. has a lease for a 7,500-square-foot branch.?

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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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2 Responses to “Centrum Properties Served with Foreclosure Notice”

  1. Chris Says:

    You will post links to your own pages but not to the article in Crains you are actually talking about? How self righteous – this is poor internet etiquette.

  2. Rod Holmes Says:

    Thank you Chris for pointing this mistake out. It has been remedied.