SCHAUMBURG, IL-Bank of America has filed a $12 million foreclosure lawsuit on Embassy Plaza, a 140,000-square-foot office building owned by a venture of Younan Properties. However, Younan said that the property is not in foreclosure. An $11.7 million worth loan on the property located in Schaumburg will come due in April 2012.
Younan proposed to raise $575 million via an initial public offering in 2010 to pay off debt on three office properties in Chicago, including Embassy Plaza. However, the plan was scrapped. For the full story, go to Crain's Chicago Business .
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