Cubs fans on Sheffield Avenue outside the Lakeview Baseball Club on Thursday . (Phil Velasquez)
By Ameet Sachdev | The owner of a rooftop overlooking Wrigley Field faces a foreclosure lawsuit
from a suburban bank after defaulting on $3.15 million in mortgages on
Lakeview Baseball Club, 3633 N. Sheffield Ave., remains open while it
deals with the foreclosure action. The building is known for featuring a
sign in Latin that says “Eamus Catuli,” which translated means “Let’s
go little bears.” But the owners of the club were stripped of its
control when a Cook County Circuit judge appointed a receiver earlier
this month to take over operations.
First Personal Bank of Orland Park filed the suit in February seeking more than $2.7 million in principal and interest payments. The bank loaned the owners of Lakeview Baseball Club $2.8 million in 2006, and made a second loan of $350,000 a year later.
In January, the bank sent a letter of default to the borrowers after they failed to make their December and January payments. One of the defendants in the foreclosure suit is Anthony Racky of Winfield, who is a managing director of Lakeview. According to the complaint, he guaranteed the loans. A message left for Racky Thursday at the club was not immediately returned.
The bank moved last month to appoint a receiver. The bank said in court papers that it was concerned that the borrowers were diverting money from the club and using such funds for purposes unrelated to its operations. A lawyer for the bank has not returned phone calls seeking comment.
The receiver is Robert Cataldo, vice chairman and chief operating officer of Hostmark Hospitality Group in Schaumburg. He has not returned a phone call for comment.
Crain’s first reported the foreclosure suit.
Lakeview and the 12 other rooftop businesses adjacent to the ballpark give 17 percent of their revenues to the Cubs, as part of a 2004 agreement that settled a suit brought by the team alleging copyright infringement.