B of A seeks $128 million, control of Block 37

A group of lenders led by Bank of America is seeking to take control of Block 37 as part of a $128-million foreclosure lawsuit on the mixed-use project under construction in the heart of the Loop...

A $205-million loan issued in 2007 to finance the retail and transit portion of the project is “out of balance” because the expected cost to complete the development’s first phase is $34 million more than the available money to finish construction, the complaint alleges. More than $128 million is now due.