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Highlights
Prime Finance purchased the 190-unit MDA Apartments at 63 East Lake Street for $59 million, taking control of the property from developer Jonathan Holtzman.
The transaction effectively ends a two-year foreclosure lawsuit initiated by Prime Finance in late 2024 regarding a $66 million mortgage on the building.
The agreement implies that Prime Finance accepted about a $7 million discount on the total amount it claimed was owed, allowing Holtzman and his partners to avoid further litigation, though they did not receive a financial gain from the deal.