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Chicago Commercial Real Estate

500 W. Monroe Auction

A notice published in the Chicago Tribune on Sunday indicates that an auction for the sale of 500 W. Monroe will take place on Sept. 14 in New York. Broadway 500 West Monroe Mezz LLC currently owns the 46-story West Loop  office building.
 
Eastdil Secured  is marketing the property, slated to be sold at 10 a.m. Sept. 14 at the law offices of Allen & Overy, 1221 Avenue of the Americas in New York City. The original loan agreement was executed by  Morgan Stanley Capital Holdings  and Broadway 500 Monroe Mezz II LLC  on July 11, 2007. Transwestern Investment Corp. is one of the mezz lenders. The property was foreclosed after owners and junior lenders failed to pay off the $215.6M loan. Termshere. Calls to Eastdil were not immediately returned yesterday. 

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