CHICAGO-CW Capital Asset Management LLC has sold five distressed properties in the Chicago area, including the Hotel Burnham and four office buildings, for a combined sale price of approximately $101 million.
The distressed properties sold for about 70% of the $144 million in outstanding debt on them and were part of a $2.6-billion portfolio sale by the Bethesda, MD-based loan servicer. CW Capital Asset Management sold the properties—including the office buildings in Evanston, Schaumburg and near O'Hare International Airport—to Dallas-based Lone Star Funds, Los Angeles-based Oaktree Capital Management L.P., Schaumburg, IL-based RMS Properties Inc. and Newport Beach, CA.-based Sabal Financial Group L.P., according to Crain's Chicago Business.
The 122-room Hotel Burnham, at 1 W. Washington St. in the Loop was sold to Lone Star for $35.2 million. A total of $35.9 million remained on the loan's balance CW Capital took back the property in 2011. See story in Crain's Chicago Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
