The bank financing a 19-unit condominium project at 641-649 Custer Ave. in Evanston has filed a $4.7 million foreclosure lawsuit against the developer.

Chicago Real Estate Daily reports the suit was filed by First Midwest Bank against developer Steven Lome. It alleges that a construction loan made in 2007 was not paid off when it came due in 2009.

The developer has cut prices on the units and a listing agent for the project says about half the units have been sold.

Original story

Bill Smith is the editor and publisher of Evanston Now.

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