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Chicago Firm Dishes out $1.6 Million for Foreclosed Condo Complex

by Chicago Agent

According to www.ChicagoRealEstateDaily.com, Cedar Street Capital has acquired 29 units of a failed West Rogers Park condominium complex, with plans to operate the property as an apartment building later this year.

Toy house and stacks of Euros

Image by John Smith/Corbis

The Chicago firm paid roughly $1.6 million to a division of Wintrust Financial Corp. for the units at 2528-2542 W. Fitch Avenue on the city’s north side. Wintrust previously foreclosed on a $10.14 million loan made in 2007.

Alex Samoylovich, principal of Cedar Street Capital told ChicagoRealEstateDaily that the firm now owns over 700 apartment units and is actively looking for more.

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