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Strategic Properties of North America, a Chicago-area landlord that has made headlines for two failed condo deconversion deals, is facing legal turmoil with condo associations and fellow investors.

And at the same time, the company is also fighting to turn a profit on a handful of multifamily properties saddled with floating-rate debt. 

Headed by investors Yitzy Klor and Saul Kupperwasser, SPNA also has an office in Lakewood, New Jersey. While the firm previously had success converting Chicago condominiums into apartment buildings, its momentum began to stall around 2020. That’s when the company made an offer to buy and convert a River North condo building known as Ontario Place and for three years failed to secure the financing needed to close the sale.