Chicago Rebounding Wins Wilpons 3-Year Debt Reprieve: Mortgages
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Chicago’s commercial real estate market is pulling out of a five-year slump, just in time to win some investors who bought at the peak a reprieve on their debts.
Sterling American Property Inc., the real estate firm controlled by Fred Wilpon and Saul Katz, owners of the New York Mets baseball team, was given more time to pay the balance of a $100 million mortgage on 200 W. Adams St. a Chicago office tower they bought in 2006. Bondholders who controlled the debt agreed to extend Sterling’s five-year loan for as long as another three years, said Anthony Sferrazza, Sterling’s finance director.