Chicago & Midwest + South Side + Distressed Assets | April 27, 2023

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.

Connect

Inside The Story

Crown Commercial's Tadros

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Order Reprints