Lower rents and occupancies are testing the owner of a Lincolnshire shopping center best known as the home of Viper Alley, one of the few live music venues in the northern suburbs.
A $17.2 million loan on City Park Retail, a 75,000-square-foot property at 215-295 Parkway Drive, has been transferred to a special servicer, a firm hired to oversee troubled loans, a move that’s often precursor to a default.
City Park has failed to generate enough cash flow for the property’s owner, a venture of Lincolnshire-based ECD Co., to cover annual debt service payments for the past three calendar years, according to a Bloomberg L.P. loan report, though the loan stayed current during that period.
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