A Park Ridge-based apartment investor has paid $8.9 million for a 110-unit apartment building in the Gold Coast that was foreclosed on a few months ago.
An affiliate of BJB Partners LLC, which owns dozens of properties on the North Side, closed on the acquisition of 11 W. Division at the end of June, financing it with a loan of up to $13.5 million from PrivateBank & Trust Co., according to property documents filed with the Cook County Recorder. A BJB executive declines to comment.
BJB acquired the property from New York-based Natixis Real Estate Capital Inc., which originated a $14.6-million senior loan on the property and another apartment building at 910 W. Lawrence Ave. back in 2006. The firm also provided a $1.1-million mezzanine loan to the owner of both properties, an entity controlled by investor Gragoljub “Dan” Giljen .
Mr. Giljen made only one payment on both loans, according to court documents. After a foreclosure lawsuit was filed on the senior loan in March 2007, Natixis emerged from the foreclosure process as the owner of both properties in May of this year. It quickly sold the Lawrence Avenue property to Chicago investor Robert Levinson for $5.6 million.
Mr. Giljen paid $7.4 million for the 11 W. Division property in October 2004 . One of the building’s retail tenants is Bootleggers, a popular Rush Street bar.
BJB owns 46 apartment properties in Chicago and on the North Shore. Most recently, the firm paid $13.2 million in December 2006 for a 135-unit vintage building at 211 E. Delaware.
BJB also plans to build a 40-story apartment tower overlooking Millennium Park at the northeast corner of Michigan Avenue and Randolph Street.
Related story : Foreclosure suit filed on 2 North Side apartment buildings
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