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Office building reportedly defaults on loan

The owner of the 500 Davis office building in downtown Evanston reportedly has defaulted on the $21 million loan used to buy the property two years ago.


The owner of the 500 Davis office building in downtown Evanston reportedly has defaulted on the $21 million loan used to buy the property two years ago.

Chicago Real Estate Daily reports that CWCapital Asset Management LLC claims in a suit filed in Cook County Circuit Court that building owner Mohammed Mirza missed mortgage payments in March.

The 119,000-square-foot building reportedly had a vacancy rate of just 3.7 percent when Mirza bought it, but that soared to 22 percent after trucking firm Schneider National Inc. left for offices in Chicago’s Loop last year.

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