“Sales just haven’t supported expectations. We’ve been attempting to work with the bank on a variety of suggested programs to keep this loan in good stead, but they rejected all of them.”
– Developer Paul Zucker, on the $9 million foreclosure suit filed by First Bank of Missouri against his Motor Row Lofts development, located at 2301 S Michigan Ave in the South Loop.
Despite cutting prices by as much as $30,000 last fall, less than half of Zucker’s 51 lofts have closed since work wrapped on the lofts, and he has started renting out his unsold units, Crain’s reports. Almost 5,000 new condos have been completed recently or are still under construction in the South Loop, according to the article.