Old National Bank has launched a new foreclosure case that lands squarely in downtown Oak Park, filing suit this week against Halsted South Partners LLC, the entity tied to investors Chikoo Patel and Shai Wolkowicki, over a mixed-use building on Lake Street. The bank says the borrowers stopped making payments and is asking a judge to step in to safeguard the building’s rental income, pulling a local property into a legal fight that has already drawn in creditors and fellow investors.
What the Complaint Alleges
According to The Real Deal, Old National’s foreclosure complaint targets 316–324 Lake Street and claims Halsted South Partners defaulted on about $2.32 million after missing monthly payments starting in November 2025. The lender says it responded by accelerating the loan and is asking the court to appoint a receiver to take control of the property’s operations while the case moves forward.
About the Lake Street Building
Public listings show the address, often marketed as 320 Lake St., as a turn-of-the-century mixed-use building with apartments stacked above ground-floor commercial space, a combination many lenders view as relatively steady income collateral. As described on LoopNet, the structure is roughly 16,000 square feet and includes street-level retail space pitched as a potential fit for medical or dental users.
Part of a Larger Battle
The Oak Park foreclosure is one piece of a wider web of disputes involving the same players. Wolkowicki and his wife, Lauren Lampert, sued Patel last year, alleging he diverted roughly $10.8 million from their joint investments, and Old National is also pursuing a separate foreclosure of nearly $16 million tied to a Springfield apartment complex at 1833 Seven Pines Road, according to The Real Deal. That reporting also notes that American Express sued Patel over an unpaid credit card balance exceeding $63,000 and that a March 9 hearing is scheduled in the Wolkowicki v. Patel case.
Legal Fallout and What to Expect
If the judge sides with Old National’s request, a court-appointed receiver could be put in charge of collecting rent, handling repairs and running the building while the foreclosure proceeds. Government investor guidance explains that receivers act as neutral officers of the court, with specific powers spelled out in the appointment order; Investor.gov provides a general overview of how receiverships work.
Local Impact
For the tenants and small businesses along this stretch of Lake Street, a receivership or eventual foreclosure sale could translate into a new owner or management team and some short-term uncertainty around maintenance and leasing until the courts sort things out. Neighbors and local officials are likely to keep a close eye on the March hearing for any sign of immediate changes in how the building is run.
