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이미지 출처：https://therealdeal.com/chicago/2024/05/13/suburban-chicago-office-building-hit-with-25m-foreclosure-suit/

Original article:
Suburban Chicago office building hit with $25M foreclosure suit

A suburban Chicago office building is facing foreclosure after a venture between GlenStar Properties and Walton Street Capital defaulted on a loan, according to Cook County records.

The venture borrowed $28.9 million in 2016 to finance the acquisition of the three-story, 144,000-square-foot office building at 760 N. Enterprise Drive in Bloomington, formerly leased to State Farm Insurance. But the venture failed to make a $25.1 million balloon payment due May 1, triggering the foreclosure suit filed on Monday by Midland Loan Services, a division of PNC Bank.

Midland is seeking a judgment of more than $25 million against the joint venture and appoint a receiver to manage the property until the foreclosure is completed, according to the suit.

The office building is 38 percent occupied, according to the lawsuit, and generated $2.93 million in revenue in 2021. GlenStar Properties and Walton Street Capital also recently defaulted on a nearly $145.5 million loan for the office complex at 30 N. LaSalle Street in the Loop, which is now up for sale.