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The developers of the Rainbo Village condominiums at 4814 – 4850 N Clark St in Uptown face another foreclosure lawsuit, this time in the amount of $24.2 million, according to Crain’s.
Metropolitan Development Enterprises failed to pay off a $27-million construction loan from AmTrust Bank by last summer, according to a complaint filed last month in Cook County Circuit Court, Crain’s reports. The suit names as defendants several contractors who have liens against the development, including architecture firm Pappageorge / Haymes.
Metropolitan settled a 2004 foreclosure lawsuit from a previous lender prior to construction, the story says.
Although Metropolitan built two mid-rises comprising 88 units, Rainbo Village’s Jameson Real Estate sales team has focused on selling just 14 one- and two-bedroom homes — branded the “Kinetic Condos of Rainbo Village” — located inside one of those buildings, at prices ranging from the $220s to the $420s. Earlier plans for Rainbo Village included a row of townhouses immediately to the west of the mid-rises, but that phase was on hold indefinitely as of mid-October.
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I believe I told one of you guys this was going to happen, and when I mentioned something about his other developement on Belmont I got quite the harsh feedback…Go Over every Metropolitan Project, Belmont Lofts, Rainbo Village, His Project in Skokie on Oakton, His project in Highland Park…The company was a sham…he went 1/4-5 and lost a lot of investors a lot of money. I give teh Belmont Lofts a 1/4 due to the fact that he sold a lot of the units in the hot market.
J,
The negative feedback you got in the past was due 1) to your failure to disclose the axe you’re obviously grinding against this developer and 2) your lack of any facts to support the shots you’ve taken.
When someone in the real estate business, like yourself, anonymously slams someone else in the business they should expect to be called out for their cowardly behavior.
UGH. I am an owner in one of these buildings. It’s been one issue after another, and clearly it’s about to get worse. Sigh.
What Facts are we looking for. I also notice that you failed to show the part of the article that states phones were disconnected at the office of the developer, and that he was clearly unable to be reached.
We linked to the article, J – what, exactly, didi we fail to do?
I note that you don’t address any of the issues I raise about your shabby conduct.
By the way, my congrats on your recently acquiring a real estate license in Illinois after operating for years without one.
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