CHICAGO-The Clare at Water Tower, a 52-floor office tower located at 55 E. Pearson Street, has defaulted its mortgage worth $229 million. It failed to pay a debt payment due on September 1 2011 and has reported municipal bondholders that it will not repay its loan payments until loan restructuring is in place.
Moreover, the Clare did not repay letter of credit fees or interest to the Bank of New York Mellon Trust Co. Franciscan Sisters was the developer of the senior living community. For the full story, go to Crain's Chicago Business .
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.