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A former Chicago Bear is entering the Motor Row real estate market. A group of investors led by former defensive lineman Israel Idonije acquired the historic Hudson Motor building at 2222 South Michigan. Idonije's group of investors first announced plans to buy the building in August.
The Idonije-led venture worked with Continental Partners to obtain a $7M bridge loan from Pangea Mortgage Capital to buy the 115K SF building last month, according to Cook County records. Continental Partners Director Eugene Rutenberg said Motor Row's gradual transformation into a nightlife and office district, and its adjacent location to the Metropolitan Pier and Exposition Authority's McCormick Square development, made this an attractive debt placement. The loan has a 12-month term and a 12-month extension option, providing time for Idonije's group to complete entitlements, permits and the architecture design process ahead of the repositioning of the property.
Idonije's group plans to adapt the building into a mix of office, retail and entertainment. Bisnow reached out to Idonije, who played for the Bears from 2003 to 2012, for details of the redevelopment and will update this story if he responds.
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