The transaction involved the acquisition of the loan note tied to the 47-story office property at 1 North La Salle Street in Chicago's Central Loop. The property spans 494,000 square feet and was purchased by Igal Namdar, Namdar Realty Group, Mason Asset Management & CH Capital Group from KeyBank for $20,000,000, equating to a price per square foot of $40.

Summary of transaction details:

• Property Type: Note / Loan
• Transaction Amount: $20,000,000
• Buyer: Igal Namdar - Namdar Realty Group ; Mason Asset Management & CH Capital Group
• Seller: KeyBank
• Address: 1 North La Salle Street
• Market: Chicago

Namdar, together with partners Mason Asset Management and CH Capital Group, secured the loan note purchase at a significant discount. This strategic move positions Namdar to potentially gain ownership of the building from current owner Bridge Investment Group amidst challenges like high vacancy rates and financial pressures exacerbated by pandemic-related remote work trends and interest rate hikes.