Algonquin Commons in Foreclosure Suit

By Kukec, Anna Marie | Daily Herald (Arlington Heights, IL), January 24, 2013 | Go to article overview
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Algonquin Commons in Foreclosure Suit


Kukec, Anna Marie, Daily Herald (Arlington Heights, IL)


Byline: Anna Marie Kukec Daily Herald Business Writer akukec@dailyherald.com By Anna Marie Kukec Daily Herald Business Writer akukec@dailyherald.com

Oak Brook-based [URL]Inland Real Estate Corp.;http://www.inlandrealestate.com/[/URL] is being sued for not paying on mortgage loans worth more than $109 million on the [URL]Algonquin Commons ;http://www.shopatalgonquincommons.com [/URL]shopping center along Randall Road.

[URL]U.S. Bank;https://www.usbank.com/[/URL] N.A. filed the foreclosure lawsuit on Dec. 28 in Kane County Circuit Court seeking repayment of two loans provided to Inland in 2004. The next court date is Feb. 1, according to court documents.

The first loan was for $77.3 million, but payments stopped around June 2012, according to the lawsuit. The remaining principle of $71.6 million ballooned to $86.9 million with added interest, fees and penalties.

The second loan was for $21 million, but again payments stopped around June 2012, the lawsuit stated. The remaining principle of $18.6 million also increase to $22.5 million with interest, fees and penalties, the suit said.

A Chicago attorney representing Minneapolis-based U.S. Bank declined to comment. A U.S. Bank spokeswoman said it was acting as a servicer on the loans for C-III Asset Management in New York. C-III spokesman Trevor Gibbons declined to comment.

A U.S. Securities and Exchange Commission filing by Inland said it stopped payments in June 2012 "because it believed it was the only way to initiate discussions with a special servicer to restructure the loans."

The filing said Inland hopes to reach an agreement with the servicer that would revise the loan structure to make continued ownership of the property economically feasible, the document said.

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