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Glen Town Center Developer Faces $55.6 Million Foreclosure Suit

San Diego-based OliverMcMillan LLC has not made a loan payment on its 267,000-square-foot Glenview mixed-use retail project since July 2009, according to a complaint filed in Cook County Circuit Court last week.

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 .

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.

Glenview Mom June 27, 2012 at 10:26 PM
The problem is the retail stores that Oliver McMillian has in the Glen. If they had more stores like J.Crew, The Gap, and could get Ann Taylor Loft back, that would help. Most women I know who live in Glenview would love to have these stores closer than Old Orchard. And that is where the women shop. Stores like Vintage Nest are great, and Von Maur is great also. Too bad it doesn't have a Cheesecake factory :) I think the addition of this kind of shopping would really help the situation.
chris June 28, 2012 at 11:20 AM
And yet another example of the village making a multi-million dollar deal that went bust. Dominicks, Glentown Center, and I can think of two more "deals" they made that will probably go under as well. All considered sound, upper crust investments. How about a little "deal" to help working families at Sunset Village? I realize the village doesn't want us poor people here, but at least we make good on our debts and you'll make some money with us.
RobynB June 28, 2012 at 01:37 PM
This "deal" was one of the shining examples held up to justify Village Manager Hileman's huge salary (makes more than Mayor Emanual) seems like some rethinking should happen regarding private sector thinking around Glenview. The worst part about this is that if there is a bankruptacy agreement made and McMillan gets to keep the Glen I would bet the Glenview revenue sharing agreement gets voided.
N/A June 28, 2012 at 02:01 PM
Does this really surprise anyone? It is the Glenview way. Look at our Police Department and Library. Unneccessary spending at its finest. Kudos Hileman, tricking everyone.
Mike Kruger June 28, 2012 at 03:16 PM
The location of the shopping center was politically motivated (a) to satisfy politcial boundaries and therefore the tax revenue split between school districts and (b) so hangar preservationists could be mollified (although the developer didn't use that much of the old hangar. Retail should be on Willow, maybe Lake, not buried on a connector street (remember, Patriot was created instead of just linking Shermer north and south in order to keep traffic DOWN -- exactly what you don't want to do with a regional shopping center).
beauregard January 30, 2013 at 02:01 AM
Iseem to remember that the revenue sharing agreement didn't kick in until "profits " kicked in at a certain level. S9ooooooo. Just keep ur profits low by paying urself huge salaries. The whole thing stinks.

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