The Arboretum of South Barrington is facing a foreclosure lawsuit amid widespread economic pressure on the retail and hospitality industries during the COVID-19 pandemic.
In the lawsuit filed in Cook County circuit court in September, UnionBank states that the owners of The Arboretum didn’t pay interest on the property’s $67.2 million mortgage and didn’t pay off the debt when it matured in April, according to Crain’s Chicago Business.
The 480,000-square-foot outdoor shopping center at Higgins Road and Route 59 is listed as part of the portfolio of Starwood Retail Partners, a division of Starwood Capital Group.
Starwood Retail Partners and UnionBank didn’t return requests for comment Wednesday.
“Unfortunately we have no comment,” said a woman who answered The Arboretum’s customer service number.
South Barrington Mayor Paula McCombie said she had no firsthand knowledge of the lawsuit but was informed Wednesday morning that The Arboretum has a court-appointed receiver. That person is Mike Zucker, managing partner of Peak Properties, based in Chicago.
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