Old Second National Bank Sues Marc Bushala, MAB Capital Over $9M River North Loan Default

Old Second National Bank is moving to foreclose on a River North retail building after borrowers allegedly defaulted on a $9 million loan, according to a complaint filed Monday in Cook County Circuit Court. The Aurora-based lender is suing Great Street LLC, an entity tied to Bushala's Spirits Investment Partners, alleging the borrower owes about $9 million as of Oct. 21, pending additional interest. The suit also names MAB Capital Management, WFB Gift and Chicago investor Marc Bushala personally, who signed a personal guarantee for $2.9 million. The building at 400 North State Street was recently approved for a $3 million permit for interior buildout and exterior renovations to convert the ground and second floors into restaurant space. Bushala told The Real Deal the owner is seeking to retain the property, saying: "We are in advanced discussions on the recapitalization of the property, which includes restructuring of the current loan."