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As reported by Crain’s Chicago Business last week, PNC bank has filed a $38 million foreclosure action against a “venture that includes a sister company, investment giant BlackRock Inc., and the estate of Schaumburg developer William J. Walsh, who died last year.” 

 

The venture owns the Skyline at Evanston, a 16-story high-rise apartment building on

Howard Street east

of

Ridge Avenue

.

 

The June 1 suit alleges that the venture “failed to make the April interest payment on a construction loan for Howard Street Station [now called Skyline of Evanston],

413-421 Howard St.

in Evanston.”

 

The Crain’s article also stated, “The venture also failed to make payments due on hedging agreements apparently intended to protect against a spike in interest rates,” adding about another $6 million to the claim. The original due date for the loan was November of this year, according to the Crain’s article.

 

The 221-unit building is about 60 percent leased, according to Village Green, the company that manages the building.

 

The building is the sole property in a tax-increment financing (TIF) district there. In answer to a question about what the foreclosure action meant for the City, Interim Community Development Director Dennis Marino told the RoundTable, “Basically we think the development is sound.  We’re looking further into the foreclosure issue.”