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The John Hancock Center, a commercial real estate building in Chicago with office, retail and residential space may be seized by NorthStar Realty Finance Corp., from its current owners, according to Bloomberg.
The Center is owned by Goldman Sachs Group, among other entities. Those owners defaulted on a $182 million junior loan last week, according to the news source.
Overall, there was approximately $400 million in debt that was used to purchase the building in January 2007, according to the news source. The initial purchase was made by Whitehall real estate, a subsidiary of Goldman Sachs.
Many companies have attempted to purchase junior loans in order to take over prime real estate buildings. This is popular due to the increasing amount of defaults in the market at the moment.
Loan refinances are also increasingly difficult if the loan originated between 2005 and 2007, the source added. Due to this, many investors have gotten involved with many top properties.
