Foreclosures hit new Lincoln Park luxury homes

According to a report from Crain’s Chicago Business, two banks have filed three separate foreclosure suits against SMH Development involving properties at 1701 and 1703 N. Dayton and 2140 N. Clifton.

State Bank of Countryside is suing to collect $5.7M on the Dayton properties, each of which is said to be a “gracious estate on an extra-wide 36’ parcel within a secluded stretch of prestigious Dayton Street.” That’s developer-ese for “in Steppenwolf‘s back yard, within sight of the El and mere blocks from the prestigious parts of Dayton Street.”

2140 N. Clifton includes 5 bedrooms, 5 full and 2 half-baths. According to the developer’s Web site the nearly-complete home has 5,100 square feet; the listing puts the square footage at “approximately 5,500.” Either figure would have to include the lower level since the property is zoned RT-4 and on a standard 25 x 125 city lot The property is listed for sale at $2,999,000 and Lakeside Bank would like to see just over $2.5M of that. NOTE: “approximately 5,500 square feet” is broker-ese for “maybe 3,700 square feet plus basement.”

SMH Development projects at 1934 and 2015 N. Dayton are also in foreclosure. All in all, seven cases involving developer Seth Harris have been filed in the Chancery Division of the Cook County Circuit Court, 17 in the Law Divison and several more in the Civil Division this year. And you thought your spring was bad!

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