CHICAGO-Lender PrivateBank & Trust Co. has filed a foreclosure lawsuit for $21.8 million on the four-story, 220,000-square-foot Art Deco office tower located at 65 E. Wacker Pl. in the East Loop.
The lender accused that the developers, a consortium headed by realty investor David J. Griffith, violated two loan deals inked in 2007 by not paying the property taxes for 2008 and 2009 totaling $1.22 million. The bank now demands the developers to repay the loans they took for refinancing the tower immediately. For the full story, go to Crain's Chicago Business.
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