Here's an important update that was posted elsewhere on this site on Thursday, from Michael Heath of Village Property Management. It reads: "Updates on Developer-owned units and vacant land: For those Palermo residents who have not yet heard, the foreclosure on the developer-owned units and land was finalized as of April 1, 2011. The new property owners, NCB Development IX, LLC took title on April 1, 2011. Michael Heath with Village Property Management will finalize his Court Receivership duties as of the end of April. Village Property Management will continue to manage the units, sales models and vacant land under a new management agreement with property owner. If we can be of any service please do not hesitate to contact us at 760-325-9824 or email me at mheath@vpmrents.com." Miss Penny Lane says: Thank you for the update.
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4 comments:
Before everyone gets all worked up, don't. This NCB Development thing is an Illinois corporation tied to MB Financial it appears. The bank it seems is just setting up Palermo in this LLC to get the condos and land out of receivership (in receivership that receivership dude collects and cash and pay the expenses and the profit goes to a set-aside account). Now the court is out of the way through the LLC - a common thing. Enterprise very well could be talking with the bank, so this LLC doesn't mean much but of course it also paves the way for a sale if the boys here in Chicago don't pony up enough to buy it back.
interesting........Penny and Co.......please keep us posted on this site since DRM tells us nothing about anything.
Please do. Thanks to Michael and this site.
Yes, thanks for posting this very important information.
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