A Greenwich, Conn.-based private-equity firm has filed a foreclosure lawsuit to collect $6.06 million on a construction loan it says is unpaid for a completed condominium project in Arlington Heights.
Silver Point Capital L.P. alleges that Arlington Heights-based Gettysburg Development Corp. defaulted on the loan, although the reasons for the default could not be determined, according to a notice of the foreclosure case filed late last month with the Cook County Recorder of Deeds’ office. The complaint was filed Sept. 25 in Cook County Circuit Court.
Called Fountains of Arlington, the two-building project near Palatine and Rand roads in the northwest suburb was built on the former site of the Otto Goebbert & Sons farm and produce stand. How many of the 109 units remain unsold could not be determined.
Gettysburg acquired the 6.5-acre tract at 807 and 835 Rand Road for $2.9 million in May 2001, according to published reports.
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