The 16-story Godfrey Hotel in River North is staring down a foreclosure complaint that could pry the 221-room property at 127 W. Huron Street away from its current owners. A lending venture led by Quadrum filed suit in Cook County this week, alleging an unpaid balance of about $57.2 million on the senior loan and asking a judge to seize the hotel, potentially stripping control from the Oxford-Quadrum ownership group and a mezzanine lender.
What the lender alleges
According to Crain’s Chicago Business, the complaint says the senior loan now carries roughly $57.2 million unpaid and that the borrowing entities defaulted on a mortgage of about $63 million that was originally set to mature in October 2026. The filing asks the court to let the lender seize…..