German American Capital Corporation Wins USD31 Million Foreclosure Judgment Against Chicago Medical Building
Deal Announcement
29 June 2011
Chicago, USA, June 29, 2011 – A medical office building near Weiss Memorial Hospital will be auctioned off in a judicial sale after law firm Baker & McKenzie secured a USD31 million foreclosure judgment against the building’s owner.
The Cook County Chancery Court last week ruled the building’s developer and borrower in the action, Wellness Associates LLC, owes German American Capital Corporation, a subsidiary of Deutsche Bank, USD31 million for not paying a loan the bank issued in 2008. The property at 4700 N.Marine Drive will be auctioned to repay German American Capital Corporation.
“Unfortunately, the loan on this property went into default and the lender had no choice but to enforce its remedies and file a foreclosure action,” said Sid Kaplan of Baker & McKenzie.
Having filed the complaint in February of this year, Baker & McKenzie has worked diligently with the attorneys on the other side of the case to reach a resolution. Through the leadership of Baker & McKenzie partners Carmen Lonstein and Mark Karasik, the four individual guarantors originally associated with the action have each been released from the case for an undisclosed settlement amount. The Firm's successful procurement of the foreclosure decree against the borrower, Wellness Associates, has proceeded concurrently and will move toward judicial sale in September of this year.