The borrower, a major tenant of the theater, is purchasing the Patio building, located in Downtown Chicago. The building includes the popular “Patio Theater”, 7 retail storefronts, and 18 apartment units located on the second floor. The borrower has effectively managed the building for the current owner. The borrower negotiated a discount sale with the current lender, who foreclosed on the current owner.
Due to the nature of the foreclosure transaction and negotiated discounted sale, combined with non-stabilized rentals in the retail and apartment units, the borrower has been unable to obtain traditional bank financing. However, the borrower has received immense support from city leaders and neighborhood groups for the purchase and renovation of the building.