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Foreclosure suit filed against Howard high rise

A new 221-unit apartment building on Howard Street in Evanston has been hit with a $38.2-million foreclosure lawsuit.

A new 221-unit apartment building on Howard Street in Evanston has been hit with a $38.2-million foreclosure lawsuit.

Crain's Real Estate Daily reports that PNC Bank alleges in its suit that a venture that includes a sister company, investment giant BlackRock Inc., and the estate of Schaumburg developer William J. Walsh, who died last year, failed to make the April interest payment on a construction loan for the Howard Street Station development, now being marketed as Skyline at Evanston, 415 Howard St.

The 17-story building is next to a CTA rail yard on a stretch of Howard Street that has undergone a bit of a revival in recent years. But since Howard Street Station opened in July, it has struggled to attract tenants or command top rents.

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