Chicago property value falls Also since we last wrote on this matter, several more potential commercial property casualties have been reported in Chicago. The lender holding a $230 million mortgage backed by the 49-story office tower at 161 N. Clark St. plans to hire a broker to sell the loan, Crain’s wrote on Friday, according to a source familiar with the matter. “But industry experts estimate the building today is worth less than the $230 million loan that the Korea Post venture took out against it in late 2018,” Crain’s wrote. “That valuation would imply an astronomical loss of equity for the owners, which paid about $331 million for the tower in 2013, according to Cook County property records.”
Also reported by Crain’s last week, “the historic Jewelers Building on Wacker Drive for more than 40 years is looking for a buyer as it stares down a deadline to pay off its mortgage. It’s playing up the landmark as a prime candidate to be turned into a residential tower.”
TheRealDeal also reported last week on the likely foreclosure on a major, prime retail property at the southwest corner of Michigan Avenue and Wacker Drive.
Crime is the other primary contributor to the doom loop in Chicago