Tuesday, June 15, 2010
Another Foreclosure on Sheridan Road for Inverbrass
A Florida workout firm filed a $5.4-million foreclosure suit on an apartment building at 7100 N. Sheridan Road in Rogers Park owned by a venture of Inverbrass Funds LLC, which is already facing foreclosure on two other properties on the same stretch. Coral Gables, Fla.-based Bayview Loan Servicing LLC, which sued May 20 in Cook County Circuit Court, is seeking to foreclose on a loan issued in January 2008 by First DuPage Bank for $5.22 million. The Westmont-based lender was shut down by regulators in October. Inverbrass principal Ayman Khalil didn’t return a call. The Chicago-based investment firm paid $4.7 million for the building in 2005. In February, foreclosure suits totaling about $23 million were filed on two other Inverbrass apartment buildings at 6610-28 and 7301 N. Sheridan Road. Those cases are still pending.
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25 comments:
Im sure the CHA will want to purchase these properties.
and btw craig nice to see broken heart off of life support
inverbrass simply bought these buildings at the wrong time.
Funny, Bankers were so lax with lending when things were so overpriced.
Will be interesting to see who scoops up these buildings.
Hopefully some good apt operators.
Billyjoe im pretty sure it wont be CHA. Wow you are pessimistic.
billyjoe is quite the pessimist, I do agree, geofredo!
By the way, Billyjoe, I do not claim to be a righter. I have no idea how you got that in your head!?!
Hopefully a well established management, or real estate company takes it over!
By the way, has anyone checked out the 'Act One Cafe' site:
http://actonecafe.com
The chef of Act One is a former drummer of Veruca Salt. I am sure many of you remember this Chicago grown band's song "Seether". Veruca Salt open for the band I was in back in the early 90's, before they went mainstream.
I think their menu looks pretty good. My first order shall be the Seafood "Boo-yah"!
my wife had the booyah and it was good.
the act one cafe is awesome.
ive been there twice.
7100 N Sheridan is a good-looking building. Hopefully a professional apartment operator such as my landlords, or someone like them, will take it over. The owners of the property I live in rescued my great building in the late 90s and now have a beautiful property that they are profitable on, despite the taxes. They bought nothing during the Great Rampage because there were no deals to be had that made business sense.
Maybe now 7100 N Sheridan will sell for a price that makes it worthwhile to be the owner. For a while there, it made no kind of sense to buy a building as a rental- the prices were so inflated and out of parity with the rents,that you could not win being a landlord unless you wanted to go Section 8, and even then the numbers usually did not work.
It will be easier to find a responsible landlord for 7100 now than it would have been 10 years ago, though the building will sell for half the price it would have 5 years ago. The lender will take a monster hit, but the whole country is taking a hit. There are tens of thousands of commercial properties far larger than this in default. The whole Western world is in liquidation.
We need more than ever to enforce codes in rental buildings, as well as community standards for maintenance and appearance. The good news for our neighborhood is that the Section 8 program is being scaled back and possibly revamped, and that there are far fewer vouchers available than previously. This means that landlords will have to WORK for a living and offer attractive apartments in well-maintained buildings to collect good rents from good tenants, instead of milking Section 8 vouchers for grossly inflated rents for deeply substandard units in dirty, decrepit buildings.
By the way: Act One Cafe is next to the Mayne Stage venue on Morse.
Chicago wrote: "By the way, Billyjoe, I do not claim to be a righter. I have no idea how you got that in your head!?!"
Okay Chicago. With that sentence, you've thoroughly convinced me (and likely several others) that youre not a "writer."
But please remove that stupid hat youre wearing. White boys who try act "wigga" are annoying.
Billyjoe: I take total offense to your 'wigga' comment! I think this truly shows how big of a piece of shift you really are! I am fully aware the correct word in the sentence is write! I was not really paying attention to what I was putting down.
Anyways, go spew out your racist shit to someone else. I can now see why you fled RP... can't handle diversity.
Sorry Craig!
As I said, Billyjoe, I am not a 'writer'! I could care less if my grammar and spelling are atrocious! What I do does not require the two to be average, or above average.
Anyways, as usual, you bring much joy and happiness to may people!
Remember one thing Billyjoe, like Timmy, you are very loved and needed! Thank you for being Billyjoe!!
Chicago: Methinks thou dost protest too much. Besides, it thrills me to no end to get under your skin.
BTW: I don't think "wigga" is necessarily viewed as a racist term; it is more of a put-down for a white doofus trying to look "street."
As for "not being able to handle diversity." Mmmmm. I live in Evanston, and you fled RP's diversity to live in Glencoe. I even recall you posting a comment how glad you are you did so.
Extra points: Calling me "a big piece of shift" in one of your responses was a nice touch.
Not sure what the act one being next to mayne stage means.
Act One Cafe is the restaurant in the front part of the venue Mayne Stage. So they physically share the same space.
Yesterday I saw that they have some outdoor patio seating.
Wow, thats brave, and nice to see.
More Patio public seating on Morse.
No wonder the gang activity is increasing on farwell.
They feel unwelcome on Morse
CHICAGO: While I would chide billyjoe myself for use of the term, Wigga (if you see someone wearing a silly hat, just call a spade a spade and say so!), I must also chide your comment that what you do doesn't require you to care about grammar and spelling when writing on public site. It only takes a moment to re-read posts before sending so that we make ourselves easily understood by folks reading them, and we all appreciate it.
Right (er, Write?),
D Flash
PS: Again, other than using the word wigga to describe you, I do enjoy some of billyjoe's tongue-in-cheek comments...including the one about the CHA's likely purchase of this building; Mwahahaha! :)
no comment
@ D and billyjoe:
I shall do my best to WRITE intelligibly!
I shall not misspell, or use incorrect grammar.
I shall look back to my days of private schooling, college, etc. and remember what I was taught.
D, Please let me know if this is acceptable! I would rather not ask billyjoe, as I feel he does not like me! But you, D... I have high hopes. You have taught me much! You remind me of the chaperones I had in Cotillion; "do this, do that. You better not do that, or you'll poke your eye out!".
Thank you for saving my eye, D! Thank you!
Nothing like some D-bag (or D Flash bag) playing the role of grammar cop.
Mwahahaha!
"I shall do my best to WRITE intelligibly . . not misspell . . yada yada yada."
Gawd, Chicago, youre such a douche bag.
oh billybob. Your just jealous! It's not my fault you have a miserable, lonely life! Try to put a smile on the face!
Chicago: You broke "your" promise to use correct spelling and grammar!
"Your just jealous"?
("You're" is correct.)
I think that skull cap is just a little too tight. You need to remove it for reasons other than trying to play wigga.
You also seem like the dweeby type who always has to have the last word in any argument. So go ahead and post one. This is my last comment on your lame attempts at being witty.
you got me billyjoe. you're the smartest, wittiest person on here. thank you for putting me in my place! everyone, let's try to be like billyjoe!
Inverbrass' all-time fav pol:
You guessed it!
Inverbrass to Citizens for Joe Moore
$2,500.00 3/19/2009
$1,000.00 7/10/2008
$2,500.00 2/14/2008
$2,500.00 12/19/2007
$2,500.00 7/13/2007
$1,000.00 4/6/2007
$1,000.00 1/28/2007
$500.00 10/29/2001
$500.00 11/16/1999
Inverbrass is among Moore's all-time most lucrative financial backers, and Inverbrass gives to Moore more than any other pol
foreclosures may come but Moore got his, at least $14K
and Inverbrass got taxpayer subsidies thanks to Joe Moore
I'm sure as we speak Moore is tallying which of his ill-gotten gains he should turn over to the foreclosure court, and also how to claw back our TIF dollars
zzzzzzzzz.
Hey craig please post about the post pride festivities being ruined
by nutso shooting at gays at wilson and broadway.
Its not in rogers park, but its something we all need to know about.
Is there no way craig that you can maybe fuse broken heart with the work you do for your magazine?
I just find it hard to believe that if you are runninga magazine
that you atleast can have an intern take on the broken heart of rogers park or atleast assist you in the duties required to keep us uptodate with good and bad news.
You know posts that would occure atleast a couple times a week
I did send a reporter to cover the shooting after the parade. It'll be in tomorrows magazine and online.
craig, what is your magazine again?
and why cant some links be made from here to there?
you could incorporate it the two somewhat or again force the blogmaster duties upon the intern at your local rag.
you dont have to have gonzo journalism or nothing on this blog,
while the old broken heart was aweseom, i simply would like a blog that keeps up with current events, somewhat.
btw the common cup was broken into last night 230am, they stole the donated community tv set that gave local news and weather.
thanks asshole thief
Here's my imitation of "burned out" Craig Gernhardt's inner thoughts when he considers whether to post on this blog.
" Ald. Joe Moore (Zzzzzzzzzzzz) dog shit on the parkway (Zzzzzzzzzz) gangbangers on Morse, Pratt, Farwelll (Zzzzzzzz) Michael James and the Heartland (Zzzzzzzz) James Ginderske and his truck registered in Wisconsin (Zzzzzzzzz)."
And to think we all thought "Ennui" is a only cafe on Sheridan and Lunt.
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