Note Sale | Foreclosure Judgment Update
Lansing, IL 60438
Lansing Shopping Center · Retail Property For Sale

Update: On September 20, 2019, an Agreed Order for Judgment of Foreclosure and Sale was entered. As set forth in the judgment, a foreclosure sale may be scheduled to occur anytime following the requisite three-week advertising. The order also evidences that the right of redemption and reinstatement have been terminated. ---------------------------------------------------------------------------- The non-performing mortgage loan is secured by Lansing Shopping Center, an 80,000 SF retail center located in Lansing, Illinois. Built in 2001-2002, the property is situated on 11.65 acres and contains approximately 422 parking spaces. As of the June 2019 rent roll, the property was 44% occupied by one tenant, K&G Men’s Company, which occupies 35,000 SF with lease expiration in March 2027. The loan originated on May 26, 2006, in the amount of $7,500,000 for a 120-month term with an interest rate of 6.045%. The borrower ceased making payments under the terms of the loan documents in June 2018 and a formal notice of default was sent to the borrower in August 2018. The court-appointed a receiver in December 2018.