Salt Lake City-based Bridge Investment Group has initiated foreclosure proceedings against amusement park operator Gene Staples over a $28 million loan tied to the International Tower at 8550 West Bryn Mawr Avenue in Chicago. According to public records filed on May 20, the lender alleges that Staples defaulted on the loan by missing payments that began in February.
The lawsuit claims that the borrower failed to pay $2.7 million in property taxes for the building, including $1.7 million for the 2024 tax year and $939,000 for 2025. Bridge Investment Group asserts it is owed nearly $29 million as of May 15. The lender is also seeking a personal deficiency judgment against Staples, citing a recourse guarantee signed during the 2023 property acquisition.
The foreclosure comes amid a broader downturn in the suburban Chicago office market, which recently saw vacancy rates reach a record high of 33.4 percent. The property, formerly owned by Golub & Co., was acquired by Staples via seller financing provided by Bridge. The case, which includes several subordinate lienholders, is scheduled for a court hearing on July 16.