Glen Town Center Developer OliverMcMillan is more than a little behind on loan payments, according to Crain’s Chicago business.
The San Diego-based real estate development company has not made a payment since July 1, 2009 and is facing a $55.6 million foreclosure suit, according to a complaint filed in Cook County Circuit Court last week.
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The highly anticipated 267,000-square-foot mixed-use retail center opened in 2003 and was supported by the Village with a $12 million revenue-sharing agreement with the developer.
But, according to a loan report from Bloomberg, the retail property has not generated enough cash flow to cover its debt since 2006.
“The Town Center was appraised at just $36.4 million in March, well below the $55.6 million in principal, interest and fees the foreclosure suit aims to collect,” Crain’s Chicago Business reports.
In a statement, OliverMcMillan says it hopes to work out a “mutually agreeable” solution with Houston-based Situs Cos., a special servicer overseeing the loan.
To read more about the foreclosure suit and how the village may be affected, click here.