A high-rise tower in the Loop that was supposed to have Chicago’s largest co-living property is now at risk of foreclosure.
A lender filed a $22.8 million foreclosure suit against the owner of the 41-story tower building at 105 West Adams Street. The owner, Musa Tadros, had planned to convert the office space in the building into apartments including a 505-bed co-living portion, according to Crain’s.
The lender, First Midwest Bank, alleges that Tadros failed to make the interest and principal payments on its loan. Tadros initially defaulted on the loan in 2018 when the property failed to meet its required ratio of cash flow to its debt payment.
To help alleviate these challenges, Tadros planned to sell the top 31 floors of the building last fall. The buying group, led by investor Andy Ahitow, said it would redevelop the space into