The latest familiar name to face foreclosure is The Catalina, Chicago Graystone Realty‘s 12-unit project at 2524 N Ashland Ave in Lincoln Park, Crain’s reports. Chicago Graystone lowered the price range of its two- and three-bedroom condos from the $480s to $770s down to the $450 to $720s in late 2008 and considered trimming prices even more, according to an old Yo post. “Ashland has a stigma to it for some reason,” Jameson agent Jim Miller told Mark during a conversation about those price cuts.
Judging from the Crain’s article, the building turned into a rental property soon after that. Amcore Bank‘s $5.1-million construction loan for The Catalina came due at the end of January.
Late last month, Crain’s reported that another Chicago Graystone project, the four-unit Briar by the Park at 456 W Briar Pl in Lakeview East, was the subject of a $1.5 million foreclosure suit filed by Amcore. Jameson is still marketing two 1,950 square-foot three-bedroom homes at that project, one in the $650s and another in the $740s.
Another seven rental properties face a total of $9.5 million in suits filed by the California-based First Bank of Beverly Hills (an institution that apparently was closed last week by the California Department of Financial Institutions and the FDIC).
Chicago Graystone principals Charles Mudd and Steve Golovan were investors in the group that bought a controlling interest in Jameson Real Estate last August.