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Distressed

Developer Larry Freed has two troubled commercial developments within a block of each other State Street in the Loop: Block 37 and the Sullivan Center. He took out nearly identical $170-million and $173-million loans on the properties, but only Block 37 faces foreclosure. What gives? The difference is that Freed got the Block 37 loan from Bank of America, which is playing hardball, while PNC Bank handed out a loan extension. [WSJ]

108 N State St