Northbrook Bank & Trust is seeking to foreclose on almost $13.5 million outstanding on a construction loan on the Grand Bend condo complex in Evanston.

Chicago Real Estate Daily reports only 11 of the 49 units in the completed project have sold, and the bank is seeking to foreclose on the other 38 units.

The six-story building on the southwest corner of Green Bay Road and Emerson Street was completed last year.

In its lawsuit the bank claims developer Ferris Homes of Northbrook has failed to make payments on a construction loan issued in 2005 that was to come due this fall.

Original story

Bill Smith is the editor and publisher of Evanston Now.

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1 Comment

  1. In real estate it’s all about
    In real estate it’s all about location. Every one that made the decision to turn the old David Warehouse into condos was a poor one, the City of Evanston, the Ferris Homes and Northbrook Bank & Trust. It would have been better to convert the space into…another warehouse, or perhaps office spaces. The property is essentially cut off from the down town by Green Bay Road. Yes you can walk to down town, but, it is not a very pleasant walk especially in crummy weather. What makes many of the other condos work for me is the proximity to transportation, restaurants, stores, and great street appeal. You step out your door and you get the feeling that you are part of it all. Perhaps decision makers should be required to read ‘The Death and Life of Great American Cities’ by Jane Jacobs. I believe it was written in the early 1960’s but, much of it is relevant today.

    As a real estate agent, I would show it to people that really wanted to see the property. But since I am working in my clients best interest, I might point out that other condo in the area will likely be a better choice for personal enjoyment and greater appreciation in the future. In my line of work I want happy clients, and future referrals.

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