Glenstar Properties recently defaulted on International Tower located in Chicago, Illinois, near O’Hare International Airport.
Glenstar Properties acquired the 350,000 square foot building in 2000, spent $18 million on renovations and refinanced the property in 2004 with a $35.5 million first mortgage.
The partnership began missing payments in June of 2009, following the expiration of a 27,500 square foot lease with Alcoa, Inc. This vacancy, combined with another large vacancy of 62,000 square feet left behind by United Airlines in 2007, resulted in a significant debt service payment shortfalls.
CWCapital is reportedly marketing a bundle of non-performing loans, of which this mortgage is one, through Mission Capital.
