A West Side shopping center once hailed as a symbol of the retail rebirth of Chicago’s Lawndale neighborhood has fallen behind on loan payments, another sign of how falling rents continue to stress debt-laden landlords.
Lawndale Plaza, a 104,240-square-foot property at 3240 W. Roosevelt Road, is more than 12 months delinquent on a $15.2 million loan, according to a report from Bloomberg L.P. The shopping center was appraised last fall at just $11.9 million, well below the $19 million a California investor paid for it in 2006.
