TwitterACicon86x90vert facebookACicon86x90vert
TV/Radio XFINITY | WOW! | WBBM | WXRT | B96 + Dance | US99 | K-HITS CHICAGO

   *** SCORES: BEARS | BLACKHAWKS | BULLS | CUBS | FIRE | WHITE SOX ***
YoutubeTwitterFacebookArlingtoncardinalYahoo! Google Bing Aol.ArlingtoncardinalTMZ Rotten Tomatoes ET Online Box Office MojoArlingtoncardinal Channel 9 WGN Channel 7 Chicago ABC Channel 5 Chicago NBC Channel 2 Chicago CBS Daily HeraldChicago Tribune Breaking NewsArlingtoncardinal Chicago Gas PricesFloridaCardinal.comGLOBALCONFLICTMAPS.COM Arlingtoncards.com THE GUIDE

Former Streets of Woodfield Owner, Builder of Arlington Town Square Sentence for Fraud Scheme

Tue August 22 2017 10:48 am  http://www.arlingtoncardinal.com/?p=84427
 Share The Cardinal -- Arlingtoncardinal.com Articles (E-Mail, Facebook, Twitter & More) 

CHICAGO BEARS RADIO -- WBBM Newsradio 780 "Traffic on the 8's"

Chicago real estate developer Laurance H. Freed, 54, the president of Joseph Freed & Associates LLC, was sentenced to three years in prison Monday August 21, 2017 for his connection to a fraud scheme connected to a $105 million line of credit secured through Chicago and suburban properties that included the Streets of Woodfield shopping center in Schaumburg.

Freed’s attorney requested he serve his sentence at the minimum-security federal prison camp in Duluth, Minnesota, where has been ordered to report to prison January 9, 2018.

Laurance H. Freed, 54, the president of Chicago-based Joseph Freed & Associates LLC, was convicted in 2016 on three counts of bank fraud, one count of mail fraud and four counts of making a false statement to a financial institution related to city and suburban developments, according to the U.S. attorney’s office for the Northern District of Illinois.

The allegations against Freed involve actions that occurred from 2002 to 2010. Dallas-based Cypress Equities bought Streets of Woodfield from Joseph Freed & Associates in 2012 for $118 million.

The fraud involved a 2006 line of credit with a consortium of banks that used tax increment financing (TIF) notes issued four years earlier by the city of Chicago for the redevelopment of a Goldblatt’s department store in the Uptown neighborhood.

Joseph Freed & Associates had already committed the TIF note as collateral to Cole Taylor Bank and failed to disclose that in subsequent negotiations with creditors, including Bank of America and Cole Taylor.

Streets of Woodfield is currently owned by Chicago-based Shopcore Properties.

Joseph Freed and Associates became one of the largest privately owned shopping center developers in Chicagoland after Freed joined the family business in 1986.

Joseph Freed and Associates projects included restoring the former Carson Pirie Scott department store on State Street, the Streets of Woodfield in Schaumburg and Block 37, which the firm took over in 2007. Block 37 is bounded by Randolph Street, State Street, Washington Street and Dearborn Street


The 17-story CBS Broadcast Center at the northeast corner of Dearborn Street and Washington Street, Chicago.

Arlington Town Square condominiums were also built by Joseph Freed and Associates, but the project was built before the period of the fraud allegations. Built in 1999, Arlington Town Square was known as the last Chicago area high rise built in the 20th Century. The Luxury condominiums inside the 14-story high rise were built by Joseph Freed and Associates (see also Joseph Freed Homes, LLC).

Arlington Town Square, with the many small shops and theater nearby, were co-developed and owned by Golub and Company — a developer of high-quality commercial and multi-family residential properties in the United States and, increasingly, in the international arena through its affiliate Golub-Europe, L.L.C.

Arlington Town Square condominiums in Arlington HeightsArlington Town Square condominiums in Arlington Heights on Evergreen Avenue.




Get updates from The Cardinal ALL NEWS FEEDS on Facebook. Just ‘LIKE’ the ‘Arlington Cardinal Page (become a fan of our page). The updates cover all posts and sub-category posts from The Cardinal — Arlingtoncardinal.com. You can also limit feeds to specific categories. See all of The Cardinal Facebook fan pages at Arlingtoncardinal.com/about/facebook …


Help fund The Cardinal Arlingtoncardinal.com/sponsor

CLEAR SKIES?  Weather Data for Tuesday, August 22nd, 2017

Tags: , , , ,    

IMPORTANT NOTE: All persons referred to as subjects, defendants, offenders or suspects, etc. are presumed to be innocent unless and until proven guilty beyond a reasonable doubt in a court of law.


Try a more powerful search in the box below ... SEARCH BOX PRODUCES RESULTS FOR The Cardinal -- Arlingtoncardinal.com ...
(POWERFUL SEARCH for The Cardinal, which can be expanded on the results page.)

Where background Wikipedia info/photos are used, original work is modified and released under CC-BY-SA.

! MORE NEWS FAST!!! MOST RECENT: CRIMEBLOG | MOST RECENT: FIREBLOG | SUBMIT NEWS TIPS
::: Health, wellness and fitness gifts! CoolFitnessGifts.com ::: Cubs, Sox caps at ChicagoFanfare.com :::

ARLINGTON HEIGHTS BREAKING NEWS --The Cardinal -- Arlingtoncardinal.com is a breaking news blog with Arlington Heights & Chicagoland emphasis. Early breaking reports may prove to be inaccurate after follow-up investigation, which may or may not be updated in The Cardinal -- Arlingtoncardinal.com. For in-depth coverage, please also check the following links for network television, cable news networks and Chicago local media coverage ...

Daily Herald | Daily Herald -- Arlington Heights | YouTube.com/DailyHeraldClips
Today's headline videos: FOXNews Video | YouTube.com/FoxNews | Associated Press | The Cardinal
Chicago Area Newspapers
CNN Arlington Heights  FOXNEWS  BREITBART.COM  cbs2chicago  NBC 5 Chicago  abc7chicago   WGNTV      WGNRADIO720  NEWSRADIO 78  CHICAGO BREAKING NEW  Daily Herald Arlington Heights  Chicago Tribune   Seed Newsvine
 
Video LOGO youtube Twitter Arlingtoncards facebook battery status Cardinal Calendar Search Batteries Plus RSS Help ...
All Headlines
crimeblog | fireblog
« EARLIER | SEARCH ARTICLES BY DATE -- Arlingtoncardinal.com/searchdate | LATER »

Comments for Arlingtoncardinal.com
COMMENTS are now available via one or more of our official Facebook pages. Comments no longer appear on the Arlingtoncardinal.com article per se. Please comment on Facebook.com/ArlingtonCardinal or check the other popular Arlington Cardinal Facebook pages at Arlingtoncardinal.com/about/facebook ...

SUBMIT CRIME TIPS ...
Anyone having information about serious crime in Arlington Heights should register on CitizenObserver.com and look for the anonymous TIP411 feature, or call Arlington Heights Crime Stoppers at 847-590-STOP (847-590-7867). Callers are guaranteed anonymity and may qualify for a cash reward of up to $1,000. Not a resident of Arlington Heights? Check CitizenObserver.com for availability for your community.

   Arlingtoncardinal.com/traffic | Traffic on Twitter

CHICAGOLAND RADAR


Weather radar map is provided by DarkSky.net
Arl Hts Weather | NEXRAD | FULL SCREEN RADAR

RSS Cardinal Weather Center

US & WORLD NEWS

Top News Video …

CHICAGOFIREMAP.NET TWITTER

digital-lifestyle.com

TMZ Plus …

RSS OBITUARIES