For the third time, a bank has filed a foreclosure lawsuit on a proposed development site in the far west suburbs controlled by prominent Naperville homebuilder Macom Corp.
LaSalle Bank, now a subsidiary of Bank of America, alleges that Macom missed a mortgage payment due April 1 on an almost $4-million dollar loan on a roughly 65-acre parcel outside of Oswego, according to a complaint filed in Kendall County Circuit Court on May 22.
The amount of the payment could not be determined. The site, currently farmland, is located, at the corner of Harvey Road and Wolf’s Crossing Road.
Macom President Paul Lehman is also a defendant in the case because he allegedly personally guaranteed the loan. Mr. Lehman and a Macom executive did not return calls requesting comment.
Just two days earlier, on May 20, a St. Louis bank filed two foreclosure lawsuits seeking a total of $17 million on two other sites controlled by Macom, including the former Oswego drag strip.
Combined, all three foreclosures cases involve about 514 acres of land.
Despite the foreclosure cases and the severe slump in the suburban market for new homes, a resolute Mr. Lehman continues to plan his most ambitious project in Kendall County, a 650-acre project near Woolley and Douglas Roads, according to a source familiar with the development. The project would include 782 single family homes, 356 town homes, and roughly 17 acres of commercial space, according to the City of Oswego’s website.
Macom was founded in 1961 by prominent suburban developer Harold Moser, who built one of every three homes there after World War II, according to a 1993 Crain’s Chicago Business story. Mr. Moser sold the company to Mr. Lehman, his nephew, about 15 years ago.
Macom has not made a formal proposal for the Harvey Road site, but current zoning would allow for the construction of about 160 houses.
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