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Winthrop Bids On Sullivan Center Defaulted Loan

by LiveModern Webmaster last modified Jan 04, 2012 03:03 AM
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by Eric last modified Dec 05, 2011

Realert.com reports that Winthrop Realty, a Boston-based REIT, has the lead bid for the $137 million loan on the 943,000-square-foot Sullivan Center (formally the Carson Pirie Scott & Co. department store designed by Louis Sullivan). Joseph Freed & Associates took out a massive loan in 2007 to renovate and restore major portions of the historic Chicago landmark on State Street. But after struggling with occupancy issues, Freed was unable to refinance when the loan reached...




 

 

Screen shot 2011-12-05 at 9.21.42 AMRealert.com reports that Winthrop Realty, a Boston-based REIT, has the lead bid for the $137 million loan on the 943,000-square-foot Sullivan Center (formally the Carson Pirie Scott & Co. department store designed by Louis Sullivan). Joseph Freed & Associates took out a massive loan in 2007 to renovate and restore major portions of the historic Chicago landmark on State Street. But after struggling with occupancy issues, Freed was unable to refinance when the loan reached maturity in March 2011. We'll see what this default and bidding means for this important building as the details emerge. Find out more on this story here.

Image via thesullivancenter.com



 

 

 
 
 

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