A suburban Chicago real estate investor has handed back four office buildings west of the city to its lender after previously trying to sell them and avoid a loan default, adding to an uptick in properties being voluntarily surrendered throughout the country during a challenging financing market.
Millbrook Real Estate last month gave up the office buildings in the Arboretum Lakes office complex in Lisle, Illinois, via deeds in lieu of foreclosure, DuPage County property records show.
The new owner is an affiliate of Voya Financial, which provided about $59.7 million in loans on the buildings that were set to mature next year.
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