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Chicago Commercial Real Estate

Court Halts Foreclosure Sale

An Appellate Division judge has halted a UCC foreclosure sale for the ownership of 500 West Monroe in Chicago. The sale was scheduled for yesterday, sources say. The temporary stay follows litigation by affiliates of Broadway Partners against Piedmont and Transwestern Mezzanine Realty Partners II. The litigation alleges breach of contract, fraud, and makes related claims in connection with actions by Piedmont and Transwestern to interfere with and deprive Broadway of its extension rights. Broadway is seeking a permanent injunction barring the lenders from foreclosing.

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Related Topics: Appellate Division, West Monroe
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