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Blue Star Buys Back Office Loan, Bets on Downtown Recovery
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Blue Star Properties, a Chicago real estate firm, bought back a loan for their West Loop office building at a discount, demonstrating long-term commitment. The company purchased the loan for $14 million, a significant reduction from the original $38.9 million. This recapitalizes the property, which spans nearly 300,000 square feet. Blue Star had been unable to pursue new leases for two years due to the troubled debt but is now excited to update the building and attract new tenants. The firm also recently bought another office building at a fraction of its pre-pandemic value, expressing confidence in the downtown office markets recovery.
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