This upscale condominium project in Wilmette, IL consists of 81 units in a vintage historic building. The original developer completed the rehabilitation of the building exterior and common elements and sold 48 units before market conditions stalled sales and forced the project into foreclosure.

Chord Realty Group sourced private equity investment capital to purchase the multiple notes and mortgages from the lender, and then consolidated title to the units in a new investment partnership and stabilized the project by providing effective asset management and construction management, financial support for the condominium association and forging a new relationship with the Village of Wilmette. By acquiring the 33 units at a substantial discount, the new owners are able to cut the sales prices for the units by an average of 35% from the original offered prices. These new prices and a strong marketing effort have resulted in early sales and significant interest in the remaining units.

To learn more about Mallinckrodt in the Park, visit the website at www.mallinpark.com.