Bank files $2.95M foreclosure suits against Budlong Woods venture

A couple of potential condo conversions in Budlong Woods are now the subjects of foreclosure lawsuits in Cook County Circuit Court.

Founders Bank last month filed foreclosure lawsuits totaling $2.95 million against the developer of two vintage apartment buildings in the 5400 block of North Campbell Avenue, Crain’s reported today.

The bank alleges that a development venture led by John DeHelean failed to pay off loans for two 6,800-square-foot buildings located at 5408 – 5410 and 5412 – 5414 N. Campbell Ave.

Each building comprises six apartments, and the article suggests that condo conversions were being considered for the properties.

One of the buildings was already subject to a $1,034 lien the Chicago Department of Water Management filed in July, according to Crain’s.

Budlong Woods, of course, bills itself as a sub-section of Lincoln Square, which has enjoyed significant development velocity in recent years. With all of the other projects going there, we wonder if this is simply an isolated incident or a sign of things to come for the neighborhood.

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