CHICAGO-A Lincolnshire-based MK Asset Management LLC venture has recently purchased 38 lender-owned units in a failed condominium project in Rogers Park. The venture paid approximately $4.3 million for the units in the 40-unit development at 1700 W. Greenleaf Ave.
A subsidiary of Oak Brook-based Republic Bank of Chicago was the seller. Developer George Samutin started converting apartments into condominiums in 2006 with a $7.3-million loan. But a foreclosure suit was filed against the property in 2009. For the full story, go to Crain's Chicago Business .
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.