Romeoville Shopping Center Faces $28.5 Million Foreclosure Lawsuit
Report: While parcels of the Shops of Romeoville were sold to Target and Kohl's, a developer is being sued for defaulting on mortgage payments and failing to pay real estate taxes on the rest.
A Rockford-based developer was hit last month with a $28.5 million foreclosure lawsuit after allegedly defaulting on mortgage and loan payments and failing to pay real estate taxes in 2010 and 2011, according to Chicago Real Estate Daily.
The suit alleges that Rubloff Development missed a $74,130 loan payment in January 2011 and that two of the developer's principals did not pay off a $175,000 loan connected to the property, which includes the vacant former OfficeMax space and numerous retailers.
According to Chicago Real Estate Daily, parcels were sold to Target, 349 S. Weber Rd., and Kohl's, 261 S. Weber Rd., but the remainder of the 300,000-square-foot development is owned by Rubloff. Of the property Rubloff owns, only the OfficeMax store is unoccupied.
According to the article, Rubloff has given up the Shops at Romeoville and turned over a deed-in-lieu of foreclosure to real estate investing firm Iron Point Partners LLC. The firm acquired the loan on the property from the bank in September 2012.