Grand Bend faces foreclosure suit

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.

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