370 North Carpenter Street
370 N Carpenter St, Chicago, IL, 60607-1223, US
3 133 mètres carrés
Attributs
Superficie du terrain brute
1 304 mètres carrés
Solde du principal non payé
10 171 531 $
Date d'échéance
2021-05-01
Appel d'offres
2025-07-23
Description de l'actif
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis by the Seller, a commercial bank, to arrange the sale of a $7.5 million non-performing first mortgage loan (the “Loan”). The Loan is secured by a first-lien priority fee-simple interest in an assemblage of vacant land located in Chicago, IL (the “Property”). The Loan was originated in April 2018 to facilitate the acquisition of the Property. The Loan reached maturity in May 2021. As of June 2025, the Loan is under foreclosure via maturity default, with an unpaid balance of $7,493,801.
The Property comprises 14,040 SF of vacant land located in the Old Town neighborhood of Chicago. The current zoning allows for a +200-key, approximately 130,00 BSF hotel development. Given the characteristics of the PD, the Property could be rezoned to also include residential use.
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Points forts de l'investissement
Path to Ownership
With the Loan currently in default and legal process already initiated, the buyer inherits the opportunity to enforce remedies and pursue a path to title.
Use Optionality
Based on the current zoning and PD coverage, the buyer may have the ability to rezone the development site to include residential use.
Submarket Momentum
The Old Town neighborhood of Chicago is a vibrant and charming area known for its mix of Victorian-era buildings and modern amenities. The Property is part of a bustling commercial strip filled with eclectic boutiques, diverse restaurants, and lively entertainment venues. The area is highly walkable and well connected to public transportation.
Attractive Basis
At $7,493,801 in total unpaid principal balance, the Loan basis is at a discount to the Borrower’s acquisition basis in 2018.
Média
$7.5 Million Non-Performing Development Site Loan Sale | Chicago, IL (0 Propriétés)
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Dernière mise à jour
16 juin 2025