Old Second National Bank Sues to Foreclose River North Building, Pursues $2.9M Personal Guaranty Claim

Lending & Foreclosure Filed
Date
October 26, 2026
Added to tracker
October 31, 2026
Court or forum
Circuit Court of Cook County, Illinois, Chancery Division
State
Illinois
Property type
Retail
Amount / scale
$9 million foreclosure suit, including a separate $2.9 million personal guaranty claim
Parties
Plaintiff/Lender: Old Second National BankDefendant/Borrower: Great Street LLCDefendant: MAB Capital ManagementDefendant: WFB Gift

Old Second National Bank sued to foreclose a River North Chicago building owed roughly $9 million, while separately pursuing a $2.9 million personal guaranty claim against the investor behind the defaulted loan.

Old Second National Bank filed a foreclosure suit in Cook County Circuit Court against Great Street LLC over a River North building at 400 N. State Street, alleging roughly $9 million owed as of October 21, 2026. The bank is separately pursuing $2.9 million from the investor behind the entity personally under a loan guaranty, and has named MAB Capital Management and WFB Gift as additional defendants.

Why it matters

The dual-track foreclosure-plus-guaranty strategy is now standard in commercial mortgage defaults: it gives a lender a second source of recovery independent of the property's eventual sale price and pressures a guarantor to negotiate before litigation advances. Owners and sponsors who signed personal guaranties should recognize that a struggling property can no longer be treated as a contained, non-recourse problem once a guaranty is in the mix.

Original source ↗
Read next
CMBS Trustee Hits West Loop's 540 W. Madison With $310 Million Foreclosure Suit A bondholder trustee sued to foreclose on 540 W. Madison, a 1.15M-square-foot, 81%-leased Chicago office tower, after its senior loan matured unpaid in September 2026. Lending & Foreclosure · October 27, 2026 Alecko Capital v. Conlon (Guaranty Judgment Over Chicago's Former Rainforest Cafe Building) A Cook County judge ordered the guarantor to pay lender Alecko Capital more than $10 million on an $8.3 million loan secured by the vacant former Rainforest Cafe building at 605 N. Clark Street. Lending & Foreclosure · October 20, 2026 Illinois Center Foreclosure: Cook County Judge Clears $260M CMBS Sheriff's Sale of AmTrust's Chicago Towers A Cook County judge ruled against an AmTrust RE affiliate on a $260 million CMBS loan on Chicago's Illinois Center towers, clearing the way for a Nov. 12, 2026 sheriff's sale. Lending & Foreclosure · October 19, 2026
Weekly email

New on CREdocket, every Monday

In the past 7 days, CREdocket added 26 new commercial real estate lawsuits to the tracker. Get next Monday's new matters, rulings in cases we follow, and market signals by email. Free; unsubscribe in one click.

Old Second National Bank filed a foreclosure lawsuit in the Circuit Court of Cook County, Illinois, against Great Street LLC over a commercial building at 400 N. State Street in Chicago's River North neighborhood, with the filing first reported October 29, 2026. The bank's complaint, filed October 26, 2026, says Great Street LLC owed roughly $9 million on the underlying loan as of October 21, 2026, with interest continuing to accrue. Beyond seeking foreclosure and a court-ordered sale of the property, the bank is separately pursuing $2.9 million from the investor behind the borrowing entity personally under a loan guaranty, and has also named MAB Capital Management and WFB Gift as defendants.

Case timeline · 2 entries Latest: October 26, 2026 — Old Second National Bank files its foreclosure and guaranty-enforcement complaint in Cook County Circuit Court

Free · no account needed

Keep reading

Read the full write-up and case timeline. Up to 10 a month are free without an account; a free account is unlimited and adds email alerts.

Read the full write-up

Or create a free account with just your email:

Alerts

Get an email when new lending & foreclosure matters in Illinois are filed

Case Value Calculator · free beta

Facing a dispute like this one?

Get a damages range for your own facts, with the reasoning and the cases behind it. What is a commercial loan or guaranty claim worth?

Estimate your case
Share LinkedIn Email

Looking for something else?

More lending & foreclosure matters

Other matters in Illinois

Recently added

CREdocket summarizes public court records and reporting; see our sourcing standards and corrections log. Not legal advice. Facing something similar? Contact us.