A $237 million foreclosure lawsuit has been filed against the owner of a Loop office tower at 161 North Clark Street by European lender Societe Generale. According to Crain’s, the French financial service company lodged a complaint regarding the 49-story building, which is currently owned by an investor group led by Korea Post. In 2013, CBRE Investment Management purchased the property on behalf of a Korea Post fund from Tishman Speyer for $331 million.
At the time of purchase, nearly all available space in the building was leased out; however, in 2018, Societe Generale provided a mortgage loan worth $230 million to refinance it. Recently hired Eastdil Secured aims to sell this loan as an opportunity for potential buyers to eventually take control over ownership of this asset. The lender has requested court intervention and appointment of a receiver who will manage operations while working towards resolving outstanding debt issues.
The article “Loop Building Owner Faces $237M Foreclosure Lawsuit” was originally published on Connect CRE.
