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.

Original story

Bill Smith is the editor and publisher of Evanston Now.

Leave a comment

The goal of our comment policy is to make the comments section a vibrant yet civil space. Treat each other with respect — even the people you disagree with. Whenever possible, provide links to credible documentary evidence to back up your factual claims.

Your email address will not be published.