Fannie Mae has filed a $6.1 million foreclosure suit against an 84-unit apartment building located in Chicago Ridge.
The owners of Ridgeland Court failed to keep up with their end of the bargain. The complaint filed by Fannie Mae lists failure to make a monthly payment in May, didn’t purchase the required insurance for the building, and did not pay outstanding bills on the property within a specified 30-day period.
Rental growth has risen in suburban buildings such as the 65,400 square foot Ridgeland, according to a recent report by Appraisal Research Counselors. The apartment market in the suburbs is strong due to the weak job market causing young people to rent instead of purchase a home.
Ridgeland Court Apartments are fully leased according to real estate data provider CoStar Group Inc.
The owner of the apartment building is a trust managed by SKS Properties Southwest Region Inc., according to the lawsuit.
SKS is also in default because it transferred ownership interest in the property to another entity, SKS Properties SE LLC. This transfer violated the mortgage agreement according to Fannie Mae’s complaint.
Fannie Mae seeks to collect the original amount of the 2007 loan. The original amount is $5.4 million, and does not include accrued interest, fees, and other costs.
Benjamin Brand Services – Chicago foreclosure attorney