Quantcast

Jewish Journal

Chicago Chabad House avoids foreclosure

JTA

June 28, 2012 | 10:56 am

A Chicago Chabad House avoided foreclosure by filing for bankruptcy.

The brownstone housing the Lubavitch Chabad of the Loop, Gold Coast and Lincoln Park was to have gone on the auction block Wednesday, but the bankruptcy filing this week gave Chabad additional time to repay a bank loan, the Chicago Tribune reported.

The group has found a way to pay its debts but needed more time, Rabbi Meir Chai Benhiyoun said, according to the Tribune.

Seven years ago, Chabad sought to build a new center at Chestnut and Clark streets, on Chicago’s so-called “Gold Coast,” and used its building on North Dearborn as collateral to the bank on the $4.9 million loan.

Following the economic downturn, donations for Chabad took a hit, the bank changed its rules and the organization was unable to finance its loan on the new property.

The Chabad House has served as a residence, classroom and a place to stop for Jewish travelers on visits to Chicago.

{--Tracker Pixel for Entry--}

COMMENTS

We welcome your feedback.

Privacy Policy
Your information will not be shared or sold without your consent. Get all the details.

Terms of Service
JewishJournal.com has rules for its commenting community.Get all the details.

Publication
JewishJournal.com reserves the right to use your comment in our weekly print publication.

ADVERTISEMENT
PUT YOUR AD HERE