Ozarks link to $178M loan sale

Jennifer Muzinic, SBJ ReporterBank of America is hoping to sell a $178 million loan, and the development for which the loan was issued is linked to Springfield-based franchisor Andy’s Frozen Custard.

According to a report by Crain’s Chicago Business, Bank of America has enlisted Eastdil Secured LLC to market its loan on Block 37, 108 N. State Street, in downtown Chicago. Andy’s Frozen Custard opened a corporate store in Block 37 in September.

During an interview for Springfield Business Journal’s Oct. 4 story, The Franchise Formula, Andy’s owner Andy Kuntz acknowledged Block 37’s developers were facing foreclosure by Bank of America. But Kuntz also noted his faith in the Andy’s store location, across from Macy’s department store, which was once home of Chicago landmark retailer Marshall Field’s. He said 500,000 people work within a half-mile radius of the development.

From the reader comments I’ve seen on the Crain’s stories and others I’ve read about Block 37, it looks like Chicagoans are watching Block 37 as closely as Springfield watches developments in notable locations, like the Heer’s building and College Station. Both Chicago and Springfield have their fair share of skeptics. At the end of the day, however, it all boils down to that real estate adage: it’s all about location, location, location.

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