Crib Chatter

The Chicago Journal reported in its March 12 edition that the foreclosure filing against Terrapin by IndyMac Bank over its Kenosha, Wis. property won’t affect the developer’s Chicago buildings.

Terrapin developed 901 W. Madison in the West Loop, which has already completed construction. 

It is also building Burnham Pointe in the South Loop.

From the Chicago Journal:

Michael Ezgur, one of Terrpin’s principals, said the foreclosure in Wisconsin will not affect its projects in the South and West Loop. The projects are independent, he said.

“In this difficult credit time, the banks are very concerned about things that are not performing as they’re supposed to,” Ezgur said. “It’s one of those unfortunate things we’re going through.”

Ezgur said the Burnham Pointe project is 50 percent sold, and should be completed by September. A high-end dry cleaner has committed to the ground floor retail space and negotiations with other retailers are ongoing, Ezgur said.

At 901 W. Madison, Ezgur said there are only 17 units left out of 148 total.

“We’re still selling units to people,” he said. “This is a great time to buy, because interest rates are so low.”

Still, Ezgur said, in his career in real estate development, he has never “experienced a market anything close to this.”

“The residential market is not as bad as the credit market and general economy,” he said.

Terrapin reportedly owes IndyMac Bank another $13 million on the Kenosha project.

South Loop Developers Shrug Off Foreclosures [Chicago Journal]