Chatham Shopping Center Owner Reaches Bankruptcy Settlement
The owner of a South Side shopping center wrecked during the George Floyd riots in 2020 has settled with its lender over a defaulted $23-million mortgage on the property, Crain’s Chicago Business reported.
A venture led by local investor Musa Tadros plans to sell Chatham Village Square, a 124,000-square-foot property in Chatham, and turn over the $20.5 million in proceeds to a servicer representing investors that own the debt on the shopping center. The venture filed for bankruptcy protection last May, about five months after being hit with a foreclosure suit.
Crain’s reported the shopping center at 8500-8700 S. Cottage Grove Ave. suffered a major setback from the mayhem that followed the death of George Floyd at the hands of a Minneapolis police officer in May 2020. Chatham Village Square was “one of the epicenters of the most destructive forces related to the protests,” according to a court filing.