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Uptown in the News  

September 20, 2004
Crain's Chicago Business
Rainbo Homes
Lender files to foreclose

A California lender has filed a foreclosure suit against the developer of a 127-unit condominium project on the former site of the Rainbo Gardens Roller Rink in Uptown. IndyMac Bank FSB has sued in Cook County Chancery Court to collect on a $4.6-million loan to Rainbo Homes II LLC that matured on July 27. The developer borrowed the money to buy the property but has yet to start construction, said Steven Friedland, the developer's attorney. Two lenders, Geneva Capital Group Inc. and ING Realty Partners, have agreed to provide construction financing for the project at 483N. Clark St., enabling the developer to pay back IndyMac when the loans close later this fall, said Geneva Capital Senior Vice-president John McNamara. The total financing package is valued at about $43 million, said ING Vice-president Javier Bustillo.

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