Full Circle Communities to Become New Owner of South Park Plaza
A measure passed today by City Council allows for the loan restructuring and property transfer of South Park Plaza in the South Loop to Full Circle Communities. The development includes 6 multifamily rental buildings and parking facilities at approximately 26th Street/Calumet Avenue/Prairie Avenue/ King Drive.
This transaction is a developer-bankruptcy-motivated transfer of ownership and management of South Park Plaza and rehabilitation of the property with the Illinois Housing Development Authority (IHDA) financing that will:
- Approve the transfer of project property to the Replacement Borrower and rehab of the project property by the Replacement Borrower
- Approve the assignment from the Original Borrower and the Replacement Borrower’s assumption of City loan and regulatory documents
- Approve and accept partial payment of interest and/or principal due under terms of the existing City loan
- Restructure City loan documents and other project documents to provide for the subordination of the lien of the City loan to a new senior loan and as may be necessary or desirable to the authorized DOH officer
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