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Bank OZK wrote down nearly $21M on its loan to a subsidiary of Chicago developer Sterling Bay for a section of the land at the Lincoln Yards megadevelopment and moved the debt to a more critical status.

The bank recognized a charge-off of $20.8M on a loan made to Alloy Property Co., a subsidiary of Sterling Bay, during the third quarter. The loan is tied to a large chunk of land for the proposed Lincoln Yards development, bound by the Chicago River to the west and south, North Kingsbury Street to the east and West Dickens Avenue to the north, according to Cook County property records.