Chase Tower: Highest building to highest bidder?

It looks like South Bend’s Chase Tower will soon be sold--one way or another.

Efforts to offer the city’s highest building to the highest bidder at a Sheriff’s Sale auction of foreclosed properties was filed on Wednesday of this week.

The request has been a long time coming, and seems to signal that a proposed sale to Washington D.C. developer Harley Stanfield Global is dead. The proposed conventional sales agreement expired at the end of December.

The Chase Tower was originally placed under the control of a court ordered receiver in February of 2011. In August of that year, the debt instrument owner won a $7.4 million judgment in court. Only now, some two and a half years later is the foreclosure process being taken to its conclusion.

One attorney close to the case sees it as a positive development.

Jim Masters tells NewsCenter 16 it may be a sign that the current mortgage note holder, Washington Square Realty, is “prepared to take title so they can re-sell, rehabilitate, or renovate the building themselves.”

It is common for the party that owns the note to use a Sheriff’s Sale to buy back the property—free and clear of all liens.

The deed now lists the owner of the property as Dillingham Hill RE, LLC.

It appears likely that the Chase Tower will be scheduled for sale in March, April or May.

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