In our investigations about Beal Properties we have found a spiderweb of LLC organizations often related to their buildings, but also as holding companies. Each of which often redirect to other organizations.
While operating multiple LLCs is common in real estate and property management, they usually have appropriate information recorded with the State regarding who manages that.
In this case, we find Master Holdings, LLC and BP Holdings, LLC, both of which appear not to be registered with the State of Illinois as of 5/13/2020, filed as a foreign corporation, or as a DBA who are often recorded as the managers of the various Beal Properties LLCs. We’ve asked the Secretary of State to investigate this, who then referred us to the Illinois Attorney General. We are still pending their response.
Based on extensive searching and data mining, it appears the principal owner of Beal Properties is a man by the name of William Silverstein. Silverstein is credited in the Chicago Business Journal as the “founder” of Beal Properties back in a 2018 article.
Why all these LLCs have a seemingly non-registered LLC as their manager is a bit concerning. Is this a giant blunder of administrative failure, or is this something more such as an attempt to hide ownership as best as possible?
If it is an attempt to hide ownership, why? In our experience as tenants, we have found in maddening to not know who to reach when things need to be escalated. Talking with many Beal Properties staff when things go south seem to be difficult and they hold the cards close as to who is higher up. It’s a silo that many tenants may not be able to break, less they know someone.
We will update this as we receive more information.