The owner of a South Side shopping center that was damaged during the George Floyd riots in 2020 has reached an agreement with its lender regarding a defaulted $23-million mortgage on the property, according to Crain’s Chicago Business.
A venture led by local investor Musa Tadros plans to sell Chatham Village Square, a 124,000-square-foot property in Chatham. The proceeds from this sale – amounting to $20.5 million – will be given over to the servicer representing investors who own the debt on said shopping center. This venture filed for bankruptcy protection last May after being hit with a foreclosure suit five months prior.
Crain’s reported that Chatham Village Square at 8500-8700 S Cottage Grove Ave suffered major losses due to mayhem following George Floyd’s death at the hands of Minneapolis police officers in May 2020; it was “one of the epicenters of most destructive forces related to protests,” as stated in court filings.
