An investor venture led by local Musa Tadros has reached a settlement with its lender over a defaulted $23-million mortgage on the Chatham Village Square shopping center. The 124,000-square-foot property in Chicago’s South Side suffered major damage during the George Floyd riots of 2020. The venture plans to sell the property and turn over $20.5 million in proceeds to a servicer representing investors that own debt on it, according to Crain’s Chicago Business.
The mayhem following George Floyd’s death at the hands of Minneapolis police officers last May caused significant destruction at Chatham Village Square which was “one of the epicenters” according to court filings. After filing for bankruptcy protection five months later, Tadros’ venture has now settled with its lender and is preparing for sale of their damaged asset as part of their agreement with creditors holding debt on it.
