American Economics Thread

GulfLander

Brigadier
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Bank OZK Sells Parcel in Failed $6 Billion Chicago Project
Part of the land under a failed real estate development in Chicago has found a buyer, with JDL Development purchasing the northern portion of the site for about $84 million from Bank OZK.
The lender had initially issued a $128 million mortgage on the parcel in 2019 but took it over in March of this year after delays and financing struggles upended the plans of Sterling Bay, the previous developer.
JDL Development has expressed interest in purchasing the southern portion of the property and made an offer to Sterling Bay, which didn’t immediately respond to a request for comment.
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