Creating sound investment opportunities
February 9, 2010
By KIMBERLY FORNEK
New Mallinckrodt in the Park owners reduce prices, pump money into condo group
Optimism is rising at one real estate camp in Wilmette. Having escaped foreclosure, Mallinckrodt in the Park is being freshly marketed and freshly financed by new owners.
Reuben Warshawsky of Deerfield and David Rosen of Long Grove, along with Jeff Pickus, who was part of the original development team, formed Mallinckrodt Renaissance LLC to sell the 33 condominiums that remained unsold in the 81-unit senior development. The new owners have cut prices and pumped money into the financially struggling condominium association.
Jan. 28, 2010
By Eddie Baeb
Investors tackle failed Wilmette condos
(Crain’s) — A former head of operations for Zeller Realty Group and a longtime finance executive with Sears Roebuck & Co. are cutting their teeth as vulture investors by taking over a failed senior condominium project in Wilmette.
Unlike many others looking to capitalize on the real estate market’s collapse, the two men, Reuben Warshawsky and David E. Rosen, managed to buy a property just months after teaming up. The two brought in an Oregon-based private-equity firm, Aspen Capital Funding, to buy the distressed loan on Mallinckrodt in the Park last fall in a blind, online auction.