CHICAGO-A venture supported by Sam Zell-led investment fund has purchased Mod, a condo-turned-apartment development consisting of 56 units at 1222 W. Madison St., for more than $13 million. The venture bought the property from Chicago-based MB Financial, the construction lender of the project.
A year ago, MB had filed a foreclosure suit against the development located close to the West Loop offices of Zell. The sale of the development resulted in a loss of the lender. For the full story, go to Crain's Chicago Business.
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