Wednesday, June 5, 2013

Bank Files Foreclosure Suit Against Chicago Firehouse

A South Loop dining fixture runs into a potential issue (via Chicago Real Estate Daily):
The temperature is rising for the owner of the Chicago Firehouse restaurant in the South Loop.

Northbrook Bank & Trust Co. has filed a foreclosure suit against Matthew O'Malley, who owns the steakhouse at 1401 S. Michigan Ave. The restaurateur failed to pay off a $2.7 million loan balance on the property that came due in February, according to a complaint filed in Cook County Circuit Court.  
The lawsuit is the latest legal tangle for Mr. O'Malley, who also faces a $3.3 million foreclosure lawsuit by the same bank against a building he owns at 2400 S. Michigan Ave., the former home of the Chicago Defender.
The article goes onto to say that the lawsuit won't affect operations at any of Mr. O'Malley's business - City Tavern, Wabash Tap or Chicago Firehouse.

(Hat tip: MarkChicago!)

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