By Sean F. Driscoll
The largest manufactured home park in the region is in foreclosure.
Capital First Realty Inc. of Chicago, the owner of Gem Suburban Home Park, 4650 S. Main St., has fallen four months behind on mortgage payments for the 96-acre neighborhood, according to court records. In that time, Capital First has accrued more than $100,000 in penalties on the $14 million loan it took out in April 2003.
Wells Fargo Bank filed foreclosure proceedings this week in Winnebago County. The case has not been assigned to a judge, nor has Capital First filed any response to the paperwork.
A message was left this afternoon with a Capital First representative seeking comment.
Although Wells Fargo has filed foreclosure proceedings, there will be no immediate change to the status of Gem’s residents. The bank is asking the court to appoint a receiver to collect rents and manage the property during the foreclosure proceedings; in the interim, Capital First continues to own and manage the property.
The mobile home park was founded in 1964 with 60 acres, according to Capital First’s Web site. It now has 378 lots and is the largest in the Rock River Valley, according to mobilehomeparkstore.com, a Web site dedicated to mobile home investments.
Reach staff writer Sean F. Driscoll at 815-987-1346 or firstname.lastname@example.org.