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Highlights
David Werner and Joseph Mizrachi allegedly caused ground lease landlords Rubin Schron and David Lowenfeld to default on a $167 million land debt on the building at 300 South Riverside Plaza, in addition to an existing $175 million building loan default.
The ground default was triggered when the building's leasehold owners (Werner/Mizrachi) allegedly stopped making ground lease payments to the ground landlords (Schron/Lowenfeld) in late 2025.
The CMBS ground debt was transferred to special servicer LNR Partners, which accelerated the loan and is exploring foreclosure, highlighting the risks of the property's bifurcated ownership model amid tenant departures.