CHICAGO-Developer Michael Reschke is being sued for $50 million in foreclosure suit over unpaid mortgage debt on a 330,130-square-foot office tower in the Loop. A venture headed by Michael Silberberg of Nanuet, New York-based Berkley Properties LLC filed the suit about a month after acquiring a defaulted loan on the 35-story tower at 11 S. LaSalle St.
A Reschke-led venture, which owns the Roanoke building, planned to transform the property into a hotel but failed to arrange financing to pay off the loan. For the full story, go to Crain's Chicago Business .
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