Alvarez & Marsal hit with Loop office foreclosure

Another Loop office building is facing foreclosure, amid record office vacancy in Chicago. Wilmington Trust, along with special servicer LNR Partners, filed a foreclosure lawsuit this month against the real estate affiliate of consulting firm Alvarez & Marsal over missed loan payments for 205 West Randolph Street, Cook County court records show. Alvarez & Marsal stopped making payments on an $18.7 million loan in November 2023, the lawsuit alleges. Wilmington is seeking $17 million in unpaid principal and $5 million in unpaid interest. Alvarez & Marsal hired an inside property management company, Alvarez & Marsal Property Management, in 2018 to manage the building without notifying the lender, the lawsuit states. The terms of the mortgage require the borrower to notify the lender of a change in property management ahead of time and to hire an unaffiliated management firm. To continue reading the rest of the article, please click on the source link below: https://therealdeal.com/chicago/2024/03/11/alvarez-marsal-facing-office-foreclosure-in-chicago-loop/