The owner of a Schaumburg office building is trying to find a way to hang on to the property after failing to pay back an $18-million loan that came due last December.
The 156,000-square-foot building at 300 N. Martingale Road is fully leased but is almost certainly worth much less than its debt, creating a major refinancing problem for its owner, Hoffman Estates-based Tandem Development Group LLC.
The property was appraised in December at just $7.3 million, down from $23.6 million in 2006.
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