CWCapital, the special servicer on a delinquent CMBS loan valued at $274 million for the 429-key Club Quarters Chicago hotel in the Central Loop, is reportedly pursuing foreclosure. The loan was originated by Bank of America in 2017 to its owner, a Blackstone Group real estate fund. Negotiations between CWCapital and Blackstone have stalled since mid-2020 and an industry report said they “were unable to reach a workout agreement” as recently as April 2021. It’s still possible that foreclosure could be avoided if an agreement is reached; however, it has been delinquent for 34 months and remains on watchlist since early during the pandemic.
Industry experts will gather at W Chicago City Center Hotel June 13th 2023 for Connect Midwest: Multifamily & Adaptive Reuse Trends event where attendees can learn more about multifamily trends across Midwest region while networking with peers from around country . For more information or registration click here .
