A venture backed by a Zell-led investment fund paid more than $13 million for Mod, a 56-unit condominium-turned-apartment development at 1222 W. Madison St., not far from Mr. Zell's West Loop offices.
County records show the venture bought property at the end of December from MB Financial, the project's construction lender, which repossessed the building from its developer about three months earlier.
The sale resulted in a major loss for Chicago-based MB, which filed a $19-million foreclosure suit against the project about a year ago.
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