Foreclosure of the day: Ravenswood conversion stalls out

According to Crain’s, a courtyard conversion in Ravenswood has gone belly up after the First Bank of Highland Park filed a foreclosure suit seeking $7.2 million in unpaid financing.

The 38-unit building 4519-27 N. Paulina St. is the second Allabastro & Associates condo conversion project that’s had difficulty. A nearly completed project in Lakeview is also in foreclosure, allegedly for $730,324.

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