Bank Seeks Receiver in $28.5M Pheasant Run Foreclosure

Fixture on St. Charles far east side stopped making loan payments earlier this year, records show.

The lender who filed a foreclosure notice on Pheasant Run Resort in July wants a judge to appoint a receiver to run the property, according to court records.

Attorneys for U.S. Bank and CWCaptial Asset Management—which issued a $29 million loan to the longtime St. Charles resort in 2006— are expected to renew their request during a hearing scheduled for Thursday in DuPage County. If granted, the receiver would oversee operations in order to protect the lender during the foreclosure process.

Pheasant Run was hit with foreclosure in a 215-page claim filed in July. The bank claims Pheasant Run didn't make payments for several months this year and now owes $28.5 million in principal, interest and penalties, court documents show.

"Borrower has failed to pay the monthly installments of principal and interest due ... beginning in April 2011 and continuing through (July 1)," the suit states.

An attorney representing the lender declined comment on Wednesday. A attorney did not immediately return a phone call.

Pheasant Run sits on 250 acres along East Main Street in the DuPage County portion of St. Charles. It features luxury hotel rooms, a spa and two golf courses, among other amenities.

Its meeting and convention space has hosted a variety of events, ranging from billiards tournaments to an annual Corvette show.

David McArdle, who runs Pheasant Run, told Crain's Chicago Business he was "confident" that something would be worked out with the lenders.

Janet Dieter September 29, 2011 at 01:47 PM
Sounds like the lender is taking a hard line on this. Hope they can work things out.
aza September 29, 2011 at 08:13 PM
Yes that lender is taking the bankomg(by OBAMA)-dirty road. I worked there so hard as a young girl, attended my class renuion there in 2005 and am stunned by the lenders stark positioning on the finest Midwest resort. I can't tackle, anymore, a project that large, but have my eye on another STC estate when I SEE they are ready to meet my terms. A shame ofnthe lender, so shameless, the Pheasant Run lender attempting to destroy a great landmark of St. Charles.SHAME on the lender, ONLY, SHAME on you and hope YOU go belly-up. Pheasant Run, FIGHT it, the lender has no real proof!
davidreyes77 September 30, 2011 at 08:37 AM
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