Chicago developer Duke Miglin personally owes about $1 million after the foreclosure sale of a Near West Side warehouse where he once planned a retail development anchored by a fitness center.
The May 30 sale came a few weeks after Elmhurst-based Suburban Bank & Trust Co. won a hard-fought foreclosure case filed against the Art Deco structure at 1040 W. Randolph St. and Mr. Miglin, the son of cosmetics entrepreneur Marilyn Miglin and late developer Lee Miglin. The sale price was $9.2 million, property records show.
The proceeds from the sale left an unpaid balance of $1.075 million owed by Mr. Miglin and a business partner, who individually personally guaranteed the loan, according to a document filed June 17 in Cook County Circuit Court. The amount due includes past-due interest and other fees.
Messages left for Mr. Miglin, of Chicago-based Miglin Properties LLC, and his attorney were not returned. The bank’s lawyer, John S. Carroll of Chicago-based law firm Carroll Hartigan & Cerney Ltd., declined to comment.
Mr. Miglin’s ambitious plans for a retail development began to unravel with the collapse of a deal with LA Fitness International LLC.
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