Condos in failed South Loop project fetch $48 million

Source: http://www.chicagobusiness.com/realestate/20170822/CRED03/170829980/condos-in-failed-south-loop-project-fetch-48-million

A San Francisco investment firm paid $48 million for most of a failed South Loop condominium project, and it’s not stopping there.

A venture led by FPA Multifamily acquired 165 rented condos in Terrazio, a 180-unit development at 1935 S. Wabash Ave. that ran into financial trouble after the condo crash. FPA acquired the units from New York-based Amalgamated Bank, which took them over in 2013 after filing a foreclosure suit on the property. Read More