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Foreclosure suit hits Edgewater condo conversion

From Crain’s Chicago:
“(Crain’s) — Less than six months after a lender repossessed a Budlong Woods apartment building controlled by Venter & Associates Inc., the North Side developer is in hot water again for allegedly failing to pay off a $15.1-million loan on another rental property in Edgewater.

A subsidiary of Harvey-based First Mutual Bancorp of Illinois Inc. filed a foreclosure lawsuit in April on a 98-unit building at 5411 N. Winthrop Ave., which Chicago-based Venter attempted to convert to condominiums. The firm didn’t close any sales at the project, according to property records.

The lawsuit was filed April 22 in Cook County Circuit Court, a few weeks before federal regulators told the bank to improve its balance sheet.” Continue reading.

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