The shopping center at 8500-8700 S. Cottage Grove Ave. suffered a major setback from the mayhem that followed the murder of George Floyd by a Minneapolis police officer in late May 2020. Chatham Village Square was “one of the epicenters of the most destructive forces related to the protests,” according to a court filing.
The Tadros ownership venture “has endured and overcome the unique challenges presented by COVID 19 and the stay-home orders and the unrest following the George Floyd protests, which sparked instances of full-blown riots which included significant damage to property, looting and in some instances the burning of buildings,” the filing says.
About a year later, after fixing up and re-opening the shopping center, Tadros and his lender squabbled over the use of roughly $3 million in insurance proceeds for the property, according to the filing. The lender, a Bank of America trust for investors that own commercial mortgage-backed securities secured by the debt on the shopping center, then filed to foreclose in late November 2021.
Now, after a year in bankruptcy, Tadros and a loan servicer representing the trust are moving forward with a settlement that would allow Tadros to pay off most, but not all, of the $23.3 million owed to the CMBS investors. The Tadros venture plans to sell the shopping center for $20.5 million and transfer the cash to the trust, which has agreed to accept less than the full amount of its claim, according to court documents.
Tadros did not return phone calls and his attorney declined to comment. An attorney representing the lender also declined to comment.
What’s unusual about the arrangement is that the Tadros venture would sell the shopping center to a company led by Nicholas Tadros, the son of Musa Tadros. The younger Tadros did not return phone calls.
Judge Janet Baer is set to rule on the bankruptcy plan at a May 31 hearing.
Chatham Village Square is leased to tenants including Nike, Walgreens and America’s Kids. The shopping center also includes a former Target store that was not owned by the Tadros venture, but by Minneapolis-based Target. The retailer shut down the store in 2019 and sold it to Chicago developer DL3 Realty, which leased the building to Discover Financial Services. Discover operates a call center out of the building, which DL3 put up for sale last September.
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