CHICAGO REAL ESTATE DAILY

Naperville

CEDAR STREET BUYS NAPERVILLE MEDICAL OFFICE FOR $3.6 MILLION

Distressed real estate investor Cedar Street Co. on Oct. 18 bought a bank-owned medical office building in Naperville for about $3.6 million, financing it with a five-year loan for nearly $2.7 million from Midland States Bank in downstate Effingham, according to DuPage County records. A Cedar Street venture bought a 50,000-square-foot structure at 1112 S. Washington St. from Chicago-based bank Northern Trust Co., which earlier this year filed a $3.9 million foreclosure suit against a venture of investor Arun Veluchamy, taking back the property after a June 10 foreclosure sale, records show. “The building is in a great area, and we love the value,” said Alex Samoylovich of Chicago-based Cedar Street.

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