Not only is most of the Lakeview multifamily building available in a court-ordered bankruptcy sale, the demise of MG International, LLC and Polo Builders have put other assets on the block. Melville, NY-based DJM Asset Management has been hired to sell the building with views of Lake Michigan as well as a 51-unit multifamily project in Aurora, a 12-unit loft building with retail space in Forest Park, land in Des Plaines that can accommodate 50 condominiums as well as a site in South Barrington slated for office development. Sealed bids are due Oct. 14.

"It is extremely rare to see a prime, tower near the Central Business District sold within a bankruptcy proceeding," says DJM Asset Management co-chief executive officer Andrew Graiser. "What makes this opportunity even more exceptional is the building's location adjacent to Lake Shore Drive and the spectacular lake and city views in most of the units."

Parkway Bank & Trust has foreclosed on mortgages on Polo Tower totaling nearly $19.3 million, according to a title report. In addition, 22nd Century Partners LLC had a $10-million mortgage on the property while mechanic's liens and judgments added up to nearly $1 million. Meanwhile, the one-, two- and three-bedroom units generate about $750,000 in net operating income, according to a recent operating statement.

Broadway Bank has filed for foreclosure on $5.2 million in mortgages for a 51-unit conversion at 1724 Marywood Ct. in Aurora. Broadway Bank also financed construction of Polo Lofts at 7509 W. Madison with a $2.5 million mortgage, records show.