Harbor Group Avoids Default on 2 N LaSalle

Harbor Group International avoided defaulting on it $127M mortgage on 2 N LaSalle by bringing an investor aboard the 26-story office building. It's a rare sign that some buildings are still struggling, post-crash.

The new investor is Hearn Co, Crain's reports, and the investment is subject to lender approval. Harbor Group was in danger of defaulting on the CMBS loan, which matures in February 2017, because revenue from leases fell below the level needed to make monthly loan payments. The loan was sent to a special servicer last month.

Harbor Group bought 2 N LaSalle in 2007, a deal in which debt covered 83% of the sale. [Crain's]

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