J
effrey Feil's North Riverside Park Mall in suburban Chicago is facing financial struggles despite a recent renovation. The mall's owner, Feil Organization, failed to secure new debt to pay off its $75 million loan, which was already extended once after falling behind on payments. Loan servicer data shows that the loan's maturity date has been pushed back to October 2024.

    The mall, which spans 1.4 million square feet, has seen a decline in value, like many indoor malls in the Chicago area. Its appraised value dropped from $129 million in 2014 to just $33 million in 2020. Feil negotiated an extension by agreeing to invest $8 million in renovations, which were completed recently with an inflated budget of $9 million.

    Feil is now hoping for another loan extension as special servicer LNR Partners takes over management of the loan. The company also owns other properties in the Chicago area that are struggling with debt, including 10 South LaSalle Street, where a separate $105 million loan was transferred to special servicing in 2022. Feil surrendered a River North office building earlier this year to Beltway Capital after failing to pay off its $15.3 million loan note.