A sheriff’s sale has been scheduled for June 21 for the Hilldale Shopping Center.
The property, at the corner of Midvale Boulevard and University Avenue and owned by Joseph Freed and Associates of Chicago, is in foreclosure. According to court records, Freed owes $12.6 million to TriSail Funding Corp., a Bank of America subsidiary, and $50 million to Bank of America.
Both loans are in six-month redemption periods that give Hilldale a last chance to pay in full or be sold.
Freed last week lost its ownership in a downtown Chicago retail project. The Chicago Sun Times reported that a group of lenders, including Bank of America, submitted a $100 million bid for the 247,000-square-foot Block 37 development. Lenders claimed they were owed $206 million, according to the Sun Times.