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Developer Michael Reschke is girding for a court battle over a vintage 35-story Loop office tower after its lender filed a $50-million foreclosure suit against the building.
A venture led by Michael Silberberg, principal at Nanuet, N.Y.-based Berkley Properties LLC, filed the complaint May 1, about a month after buying a defaulted loan on the 330,130-square-foot high-rise at 11 S. LaSalle St., also known as the Roanoke building.
A Reschke-led venture that owns the building had planned to convert it to a hotel but didn't line up financing in time to pay off the loan. The venture is delinquent on loan payments, interest and property taxes, the complaint alleges.
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