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Rockwell Named Receiver for 26-Story Streeterville

CHICAGO-The borrower has defaulted on an $8 million note now owned by Lone Star Funds. Rockwell tells GlobeSt.com the mid-level properties are now coming through foreclosure.

By Robert Carr | Updated on February 06, 2012

CHICAGO-Rockwell Partners has been hired as the court-appointed receiver for the 26-story mixed-use Streeterville Center at 233 E. Erie in the downtown. Dallas-based Lone Star Funds bought the unpaid $8 million note on the property after borrower Chicago Futures Inc. defaulted, and the foreclosure process is ongoing.

The property was built in the 1970s, and Pantelis Kotslopoulos, founder of Chicago Futures, was one of the first investors in when it was later converted to 151 residential condos on the top floors and about 69,000 square feet of medical office and retail on the bottom floors. Chicago Futures had a loan with Citibank, but could not pay following the recession, forcing the note sale. Sources say the building has been poorly maintained with numerous condo resident complaints.

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