Praedium Development sued by Wells Fargo for $3.35 million in 2011

Wells Fargo Bank sued to collect $3.35 million from a venture of George Markopoulos, head of Northbrook-based Praedium Development Corp., over a 25,000 square-foot property at 1801 N. Harlem Ave. in Chicago. Wells Fargo, which is acting as a trustee for holders of commercial mortgage-backed securities, filed its suit in Cook County Circuit Court.

According to the Cook County Recorder of Deeds, Wells Fargo filed a Lis Pendens Foreclosure on July 27, 2011 against Bloomingdale & Harlem LLC.

A Crain's article reported on the story at the time, stating "A representative of Mr. Markopoulos’ venture says the partners are in the process of paying off the loan and should have the deal closed this month."

But on March 30, 2012, Wells Fargo issued an Assignment to a new owner, 1801-811 North Harlem Holdings LLC. In other words, records show that Wells Fargo transferred interest in a bond, mortgage, lease, or other instrument.

And then, on May 7, 2012, an entry in the Chicago Recorder of Deeds shows that the Deed was formally granted to 1801-811 North Harlem Holdings LLC. The grantees are listed as Cook County Sheriff and Bloomingdale & Harlem LLC.