Wednesday, January 02, 2013

Chicago Mob Linked Property Owner facing Michigan Avenue foreclosure files Chapter 11

Crain's Chicago Business reports:
The owner of a Michigan Avenue property once slated for a 52-story hotel-and-apartment tower has sought refuge in Bankruptcy Court, blocking a $24.8-million foreclosure by its lender.
There's more:
A venture controlled by Thomas DiPiazza and Richard Ferro filed a Chapter 11 petition last month, more than a year after Northbrook Bank & Trust Co. filed to foreclose on the four-story building at 300-310 N. Michigan Ave.
For more on Thomas DiPiazza and Richard Ferro and this.