Reschke venture faces $50 million foreclosure suit on 11 S. LaSalle

Subscribe to BizTimes Daily – Local news about the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin.

Developer Michael Reschke is girding for a court battle over a vintage 35-story Loop office tower after its lender filed a $50-million foreclosure suit against the building.

A venture led by Michael Silberberg, principal at Nanuet, N.Y.-based Berkley Properties LLC, filed the complaint May 1, about a month after buying a defaulted loan on the 330,130-square-foot high-rise at 11 S. LaSalle St., also known as the Roanoke building.

A Reschke-led venture that owns the building had planned to convert it to a hotel but didn’t line up financing in time to pay off the loan. The venture is delinquent on loan payments, interest and property taxes, the complaint alleges.

- Advertisement -

Read more.

What's New

BizPeople

Sponsored Content

Close the CTA

Summer flash sale!

Limited time offer. New subscribers only.

Unlock all of BizTimes for just $7 / month

Summer flash sale! Unlock all of BizTimes for just $7 / month

Limited time offer. New subscribers only.

Close the CTA

Holiday flash sale!

Limited time offer. New subscribers only.

Subscribe to BizTimes Milwaukee and save 40%

Holiday flash sale! Subscribe to BizTimes and save 40%!

Limited time offer. New subscribers only.