CapRock assumes management of Glenlake Professional Center

(Crain’s, September 22, 2011) – Glenview medical office heads back to lender  A receiver says the owner of a five-story Glenview medical office building has arranged a deed-in-lieu of foreclosure with its lender after being hit with a foreclosure suit over a $10.6-million loan. CapRock has been appointed receiver of Glenlake Professional Offices, an 83,908-square-foot building two blocks from Glenbrook Hospital. The building, 3633 W. Lake Ave., is 73% occupied, down from 93% just five years ago, according to a loan report from Bloomberg L.P. A venture led by Marc A. Harris, president of Chicago-based Summit Real Estate Investments Inc., paid $13.1 million for the property in 2006 and financed the purchase with a loan from UBS A.G. that was later sold to investors in a commercial mortgage-backed securities offering. Mr. Harris’ venture was hit with a foreclosure suit in May.

Speak Your Mind