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Development Firm Faces Foreclosure at Pilsen Office Park Project
Condor Partners, a Chicago developer that transformed a pair of vacant warehouses in Pilsen into office space, is now facing a $33 million foreclosure lawsuit on the properties, Crain’s Chicago Business reported.
A venture controlled by New York-based Ready Capital filed the complaint last month against the developer over its loan tied to Mural Park, a two-building project at 1911 S. Sangamon Street, located on the city’s Southwest Side, according to Cook County property records.
Mural Park is a commercial redevelopment project for two 100-year-old former lumber distribution warehouses. Located in Chicago’s Pilsen neighborhood, the property is easily accessible, being adjacent to I-90 and served by both the CTA and Metra train lines. Condor had found initial leashing success prior to the pandemic, but the foreclosure comes as decreased demand for office space remains a trend.
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