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Chicago Condo Foreclosure Crisis | Real Estate News
Chicago’s real estate market is reeling as 137 condo units across seven towers face foreclosure, fueled by a $51 million debt and a personal guarantee from Yitzy Klor, head of Strategic Properties of North America. Klor’s controversial strategy of converting condos into rentals has repeatedly run into legal and financial roadblocks, with lenders now suing to seize not just the properties but also incoming rent. The loans, totaling $85 million, were extended in 2021 and 2023 — but recent attempts to deconvert buildings like the one on East Ontario Street have collapsed due to funding…
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