Marty Graham 3:30 p.m., March 11
OliverMcMillan's foreclosed shopping center goes up for sale
Chicago area apartment/shopping compound couldn't service debt
According to Chicago area media, the Glen Town Center of north suburban Glenview is now up for sale. The residential/retail property went up on land that was formerly the Naval Air Station Glenview, which closed in 1995.
The village got most of the land for free and sold off parcels. San Diego's OliverMcMillan LLC was the developer. Last year, a Houston company that was a special servicer overseeing the loan filed a $55.6 million foreclosure suit, taking the property back from OliverMcMillan.
It was reported at the time of the suit that OliverMcMillan had not made a loan payment since July of 2009. The development had not generated enough cash flow to cover debt service since 2006, according to Chicago media.