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distressed suburban Chicago office building has been acquired by a new set of owners who are betting on its potential. An LLC tied to David Baum and Paul Fishbein of Baum Realty Group purchased a $10.6 million loan backed by the 1987-era office at 155 Pfingsten Road in Deerfield, public records show. The loan was originally issued to Ameritus, a Chicago-based commercial real estate firm, but it has been in default since March 2023.

    The loan was transferred from First Midwest Bank to Old National Bank after the two banks merged in 2022. Old National sold the distressed debt to Baum's entity in October, which is now advancing a foreclosure lawsuit against Ameritus. The property, with only 43% occupancy as of October, may be subject to further action.

    Baum Realty Group and Ameritus did not comment on the matter. Despite the office market still recovering from the pandemic, investors are showing interest in buying distressed properties at discounted prices. The Deerfield building's tenants include Nadler Financial Group and NCH Marketing Services, but it has 14 vacancies totaling 75,000 square feet.

    This foreclosure filing comes as Ameritus is trying to sell another property in its portfolio, an eight-story office building in Northbrook that was listed by JLL last year. However, the Northbrook property remains unsold and faces liens from leasing agents and contractors. The Baum-led group may emerge as the new landlord if Ameritus fails to pay off the debt.