One of the most aggressive developers in Bucktown and Wicker Park has been hit with three foreclosure suits alleging that he defaulted on $4.8 million in loans on apartment buildings near North Avenue and the Kennedy Expressway.
An entity controlled by Krzystof Karbowski failed to make monthly payments on the three loans to the buildings at 1646, 1652 and 1656 N. Bosworth Ave., according to the complaints filed last month by the lender, RBS Citizens N.A. Mr. Karbowski did not return phone calls.
Mr. Karbowski has focused mainly on smaller residential and commercial projects since he launched his own development business 12 years ago, but he came under heavy criticism this fall for a bold plan to convert the tallest building in Bucktown into a 90-room hotel. The Zoning Board of Appeals approved the proposal in October, over the objection of the alderman representing the neighborhood.
Time Properties Inc., the entity controlled by Mr. Karbowski, borrowed a total of $4.8 million in 2005 and 2006 to finance the Bosworth Avenue buildings. Mr. Karbowski guaranteed all three loans, according to documents filed in Cook County Circuit Court.
At least three apartments and 2,400 square feet of commercial space in the buildings are available for rent, according to a Web site for MCM Realty Ltd., a brokerage firm with ties to Mr. Karbowski.
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