CRE Midwest

Podolsky Northstar named agent in mortgage note sale of Purple Hotel

Podolsky Northstar CORFAC International has been named the exclusive agent for the sale of two mortgage notes that are secured by the property formerly known as the Purple Hotel in Lincolnwood, Ill. First Midwest Bank (“FMB”), the current holder of the mortgage notes, engaged the brokerage team of Randy D. Podolsky, managing principal and Adam J. Tarantur, senior vice president for this assignment because of their previous experience in the successful disposition of foreclosure properties.

Podolsky Northstar CORFAC International has been named the exclusive agent for the sale of two mortgage notes that are secured by the property formerly known as the Purple Hotel in Lincolnwood, Ill.  The current holder of the mortgage notes engaged the brokerage team of Randy D. Podolsky, managing principal and Adam J. Tarantur, senior vice president for this assignment because of their previous experience in the successful disposition of foreclosure properties.

The lender has filed a foreclosure suit against the current borrower, who failed to repay the loans at maturity.  The bank is seeking purchasers who realize the value of the underlying real estate that secures the notes.

Situated at the intersection of Touhy and Lincoln Avenues, only ½ mile east of the 4-way interchange at I-94 (Edens Expressway) and Touhy, the high visibility 5.28-acre site features 722 feet of frontage on Touhy and 603 feet on Lincoln, making it an ideal location for a mixed use redevelopment containing residential and retail components.

This is consistent with the Village of Lincolnwood’s Comprehensive Plan.  In February 2011, the Village established a Tax Incremental Financing (TIF) district to aid in a future redevelopment of the desirable site.

The property secured by the mortgages is woven into the historical fabric of Chicago.  Designed by Chicago architects Hausner & Macsai, the elegant Lincolnwood Hyatt House opened in 1960 and attracted performers such as Perry Como, Roberta Flack, Barry Manilow and well-known Chicago pianist Myles Greene.  The property has subsequently been a Radisson and a Ramada, and became independently owned in 2004, officially adopting the name locals had been referring to it by for years: The Purple Hotel.  The Village of Lincolnwood is desirous of seeing this once prominent site redeveloped for a higher and better use.