Fortress looks to seize Moceri's Loop office tower with $57M debt [Yahoo! Finance]
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Source: Yahoo! Finance
The 210,000-square-foot building his firm developed in Chicago's Loop has encountered setback after setback, including that it opened in mid-January 2020, as the pandemic began to take hold and rapidly drained offices of people and value. An eviction fight with coworking company Firmspace over its 35,000-square-foot lease wrapped up earlier this year with a $1.2 million judgment for the landlord. Now the 20-story building is just 50 percent leased, according to a report by its lender from last month, collated by Morningstar Credit. It's likely to have a buyer by the end of the year, as its lender angles to seize the property through a deed in lieu of foreclosure before $57 million in debt backed by the building matures in December, loan data shows. Moceri, co-founder of Convergint Technologies, and representatives of Thomas Roszak Architecture, which partnered with Moceri on the project, didn't return requests for comment. An attorney for the developer's ownership LLC also didn
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