Freed and Bank of America feud touches Wicker Park

With the West Town Center, between Milwaukee and Ashland Avenues close to Division,  recently surrendered by Joseph Freed & Associates LLC to a court-appointed receiver in a $105 million foreclosure lawsuit against Block 37, the Wicker Park area is now touched by the feud between Freed and Bank of America Corp.

Freed's development of Block 37 in the heart of Chicago's loop on State St. had one challenge after another  over a period of years culminating in a series of disputes with lender Bank of America.  Adding to those problems were setbacks on their development of the former Carson Pirie Scott  & Co. property also on State St.

According to a Freed statement, "All Bank of America seems to be interested in doing is suing Freed and disrupting projects that have been moving forward. Bank of America's strategy is always the same: engage Freed in lengthy loan renewal discussions, not follow through on the extensions, and then file a foreclosure action."

Freed has managed to  work with other lenders in mutually beneficial agreements on many of his other projects.

Having built its first strip mall in 1968, the 330,000 square foot West Town Center, was Freed's first Chicago based redevelopment project in the mid 1980s.  With the old Wieboldt department store as part of the project, it was Freed's first historic and mixed use development. Freed owns other properties along Milwaukee and Division.

For more information:  "Freed fights more B of A foreclosure suits", "Freed wins key one-year loan extension on Carson Pirie Scott Building"