Pilsen Development Project Faces Foreclosure and Loan Dispute

Chicago-based developer Condor Partners is facing a $33m foreclosure lawsuit from New York-based Ready Capital over its loan tied to Mural Park, a two-building project in Pilsen. The developer paid more than $5m for the former lumber warehouses in 2016 and 2017 and took out a $33m loan to renovate them into offices. The pandemic has hit office demand, leaving the building with a substantial amount of empty space. Condor was unable to refinance the property last year after getting a short-term loan extension from Ready.