WED 10.28.2026
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Distress & Opportunity / Chicago / 2 min

Third Millennium's West Loop Tower Hit With $310M Foreclosure

The 1.1 million square foot West Loop office tower is 81% leased, above the downtown average, but that could not stop a trustee for its bondholders from suing.

10.28.26 · 2 min

$310Mforeclosure suit
81%leased
$591M2016 appraisal

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53Stories published
27This week
34Projects covered
75Developers named

Top Deals

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  1. 01$940MBally's Chicago Casino Pulls $22.6M Riverwalk, Park PermitCHI
  2. 02$750MGI Partners Pays Record $750M for Elk Grove Village Data CenterCHI
  3. 03$550MZara Billionaire's Pontegadea Pays $550M for 1 N. Wacker TowerCHI
  4. 04$340MTishman Speyer Secures $340M Loan to Refinance The Franklin in ChicagoCHI
  5. 05$332MCrescent Heights refis NEMA, Chicago's tallest rental, at $332MCHI
  6. 06$260MIllinois Center Towers Face Nov. 12 Auction on $260M AmTrust LoanCHI
JUST INPermits & deal filings, straight from the public recordThe Wire →

Development

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Development
Honore Properties pulls $14M permit for Lourdes school additionChicago issued a $14.0 million permit for a 78-unit addition at the former Our Lady of Lourdes school site on North Ashland Avenue.10.27.26 · 2 min
$14.0Mpermit cost
78new units
120total units
Cubs file $6.5M permit for new Wrigley Field drain system10.26.26Salt Shed team files rezoning for riverfront amphitheater site10.26.26Michaels Organization Gets $28.8M Permit for 51 West Side Units10.23.26Lathrop Homes' first new building breaks ground on $22M permit10.23.26

Capital & Deals

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Capital & Deals
Zara Billionaire's Pontegadea Pays $550M for 1 N. Wacker TowerPontegadea, Amancio Ortega's family office, paid about $550 million for 1 N. Wacker Dr., per outlet reports; Cook County has no recording yet.10.27.26 · 2 min
Capital & Deals
Sterling Bay Refinances Fulton Market Tower for $79M10.24.26 · 2 min
Capital & Deals
L3 Capital Pays $64.5M for Palmolive Building's Retail Base10.22.26 · 2 min

Distress & Opportunity

ALL DISTRESS & OPPORTUNITY →
Distress & Opportunity
Bally's Pauses Chicago Casino Buildout, Flags Going-Concern RiskBally's paused non-gaming work at its Chicago casino, then flagged going-concern risk in its 10-Q as aldermen demand full construction resume.10.27.26 · 2 min
$4.0Mcity payment made
28.9%stock drop on filing
27-28aldermen demanding resumption
Mike Kohan Loses All Three Chicago Loop Towers He Bought10.24.26LG Development's 330 S. Wells Tower Faces Nov. 3 Foreclosure Sale10.23.26Illinois Center Towers Face Nov. 12 Auction on $260M AmTrust Loan10.20.26Godfrey Hotel Chicago Lost to Lender in $47 Million Foreclosure Sale10.18.26

Residential

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Multifamily & BTR

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Multifamily & BTR
Magnificent Mile's 320-Unit Office Conversion Gets $71.65M PermitA $71.65M City of Chicago permit, issued Oct. 16, marks fresh progress on the 320-unit office-to-residential conversion at 500 N Michigan Ave.10.22.26 · 1 min
Multifamily & BTR
Chicago's First Geothermal High-Rise Lands $102M Construction Loan10.22.26 · 1 min
Multifamily & BTR
Berkadia Secures $65.5M Bridge Loan for Orlando-Area BTR Community10.28.26 · 2 min

Policy & Planning

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Policy & Planning
Amtrak's $900M Bridgeport yard plan faces federal scrutinyDuckworth and Durbin want more transparency on Amtrak's $900M Bridgeport yard plan after City Council and Cook County pushback.10.26.26 · 2 min
$659MFRA grant announced Aug 14, 2026
$900Mtotal project cost, per Amtrak officials
$125Mprivate capital pledged by Justin Ishbia's Canal Edge
South Side Tax Relief Pilot Taps Migrant Busing Settlements10.24.26Range Group Pitches 110-Unit Rezoning at 1133 W. Kinzie10.22.26Johnson Proposes Corporate Head Tax to Close Chicago's $882M Gap10.22.26Prime/Capri Wins $50M TIF Loan for 111 W. Monroe Hotel Conversion10.20.26

Markets & Data

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Markets & Data
Cook County Logs $212 Million in Industrial, Commercial SalesCook County recorded eight industrial and commercial sales worth $212.6 million this summer, from a West Loop office building to suburban warehouses.10.26.26 · 2 min
Markets & Data
Virtu Financial Fit-Out at The Republic Registered at $14.5M10.24.26 · 1 min
Markets & Data
LA County Multifamily Sales Jump 44% While Rents and Occupancy Stall10.23.26 · 2 min

People & Companies

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People & Companies
Alexander Brothers Face Sentencing as Prosecutors Seek Life TermsFederal prosecutors are asking for life sentences; the defense is asking for 15 years.10.26.26 · 2 min
70+victims cited
15 yrsmandatory minimum
GFP Real Estate Signs Indecor Home to 16,806-SF Lease on W. 37th10.23.26Zahid Zaman Cited $10K for Defying Stop-Work Order in Brooklyn10.18.26Rahim Md Abdur Cited $10K for Defying Stop-Work Order in Bronx10.18.26Fort Worth Juneteenth Museum Clears Site for $70M Build10.18.26

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