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Chicago Multifamily

Site Of Failed O'Hare Apartment Development In Foreclosure

JCF Real Estate has hired a broker to sell a 3.5-acre site near O'Hare Airport, where the firm was supposed to build a large multifamily development.

JCF received city approval in 2012 to redevelop the northern portion of InterPark Corporate Center into 394 apartments. But the deal never moved forward as JCF was unable to secure financing, according to Crain's.

JCF's loan on the property matured last February with $14.9M unpaid, and Athene Annuity & Life filed a foreclosure lawsuit last November. JCF filed for Chapter 11 bankruptcy protection earlier this month, which the firm hopes will buy it more time to line up a buyer. [Crain's]

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