Illinois AG sues Fla. mortgage document company
Illinois Attorney General Lisa Madigan sued Nationwide Title Clearing Inc., alleging that the Palm Harbor, Fla.-based company created and recorded thousands of mortgage documents with “false, deceptive, or misleading information.” Ms. Madigan alleges Nationwide Title violated state law while recklessly preparing mortgage assignments and other documents for financial institutions. The attorney general seeks $50,000 per violation, according to the complaint filed in Cook County Circuit Court. Nationwide Title declines to comment.
Receiver named for former New City Y site
Resolutions, a Chicago-based real estate firm, said it has been appointed the receiver for the site of the former New City YMCA on the near North Side. A joint venture between Chicago-based Structured Development LLC and Wilton, Conn.-based Commonfund had planned a mixed-use project with 490 apartments and about 450,000 square feet of retail space but got hit last year with a foreclosure suit on the site at the corner of Clybourn Avenue and Halsted Street. Structured is working to pay off the loan and bring in new partners, including former General Growth Properties Inc. CEO John Bucksbaum, to replace Commonfund but has yet to finalize a deal. A Structured executive was not immediately available Thursday.
Spec industrial building under way in Elgin
Pancor Construction & Development LLC has begun work on a 166,000-square-foot speculative industrial building at an Elgin business park. The facility, slated to be finished this summer, will be the fourth building in Elgin-based Pancor's Randall Point Business Park near the intersection of Interstate 90 and Randall Road. The other buildings in the park are fully leased. Pancor is developing the building with Boston-based TA Associates Realty. Dan Leahy and Adam Marshall of Oakbrook Terrace-based NAI Hiffman are leasing the building. A lease is in the works for about a third of the space, Mr. Leahy says, declining to identify the prospective tenant. The park has room for another 1 million square feet, says Pancor Principal Richard Panichi. Premium content: Spec development makes a comeback in the Chicago area
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