Chicago’s Hotel Burnham Goes Back to Lender
From Chicago Real Estate Daily:
New Owner Undecided on Whether to Sell or Hold
Developers Daniel McCaffery and E. Barry Mansur have agreed to hand over the Hotel Burnham to its lender after wrangling in court for nearly 15 months over a $37-million foreclosure suit. The duo, who borrowed heavily against the Loop property at the peak of the boom, only to default after the hotel market crashed, had tried to restructure the mortgage on the 122-room hotel but couldn’t reach a deal with loan servicer CWCapital Asset Management LLC. Click here for the full story.
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