Bankruptcy 363 Sale Auction
185-Unit Bulk Condo Package - Catherine Courts Condominiums
Condo Deconversion Opportunity
Chicago, IL (O'Hare Neighborhood)
Qualifying Bid Deadline: November 13, 2020
|Bankruptcy Auction Sale – 185 Unit Bulk Condo Package – Condo Deconversion Opportunity|
NRC Realty & Capital Advisors has been retained by the United States Bankruptcy Court Northern District Of Illinois Case No. 19-29822 as the exclusive real estate broker to Catherine Courts Condominium, LLC (the “Debtor”) to market and sell 185 condominiums in bulk in the 498-unit Catherine Courts Condominium complex in Chicago’s O’Hare neighborhood at 8439-8503 W Catherine Ave, 5310 N Chester Ave, 5306 N Cumberland, and 5348-58 N Cumberland Ave, Chicago through a bankruptcy auction process. The sale presents an opportunity for investors and developers to purchase substantial in place income and position themselves for a potential condo deconversion in the future. Financing may be available for qualified buyers.
The Debtor’s bulk package is concentrated in the 8503 W Catherine Ave. building with 163 of their 185 units located there. The total unit mix includes 44 studios ranging from 410-465 sf (with one 600 sf plus sized unit), 134 one-bedroom units ranging from 720-840 sf, and 7 two-bedroom, two-bathroom units ranging from 975-1,190 sf. The debtor also owns 235 uncovered parking spaces.
Catherine Courts Condominiums is a 11.6-acre complex comprised of four mid-rise buildings including one seven-story brick building and three five-story brick and masonry buildings constructed in 1970. Amenities include an outdoor swimming pool, sundecks (closed for renovation), exercise rooms and tennis courts for use by the residents. Catherine Courts has 672 combined covered and uncovered parking spots available for residents and guests, ceramic tile baths, dining rooms, separate kitchens and individual storage areas.
Log-in to your NRC.com account for additional information about the property and to download the Bid Package and Due Diligence Materials.
Catherine Courts is well-located in Chicago's O'Hare neighborhood, just a 5-minute drive to the I-90 expressway, a 10-minute walk to the CTA blue line Cumberland Station and the Catherine Chevalier Woods, and is adjacent to an LA Fitness center, with close by restaurants and retail. Catherine Courts draws from the airline and hotel, and other professions, given its close proximity to O’Hare airport and the industries and corporations offering employment opportunities in the area and in Rosemont. Nearby hotels include the O’Hare Hilton, Hyatt Regency O’Hare, Lowes Chicago O’Hare, Westin O’Hare, Marriott O’Hare, as well as the Donald Stephens Convention Center, Rosemont Theater, and Fashion Square Outlets. Nearby corporations include U.S. Cellular and a variety of national corporations in the Presidents Plaza office complex.
|Bankruptcy Auction Overview|
See complete Bid Procedures by clicking the link above.
|Additional Catherine Courts Condo Units For Sale|
NRC is also coordinating the sale of additional Catherine Courts condominiums, owned by third-parties, who are interested in selling their unit to a strategic buyer as part of this sale process. Interested parties should submit their unit number and contact information by clicking here and may call 312-278-6805 if there are any questions.
Buyer's Premium 2.5%. Sale subject to Court approval. Although information has been obtained from sources deemed reliable, NRC Realty & Capital Advisors, LLC and/or its representatives, brokers or agents make no guarantees as to the accuracy of the information contained herein, and offer the Property without expressed or implied warranty of any kind. Lot and building sizes are approximate. Property may be withdrawn at any time without notice.