Lender Sues to Foreclose on Chicago Tower Loan
CommunityAmerica Credit Union claims $236 million is owed on the Leo Burnett Building at 35 West Wacker Drive.
Updated on Nov. 5, 2026 in Commercial
CommunityAmerica Credit Union filed a Cook County foreclosure suit on Tuesday against the $220 million loan behind 35 West Wacker Drive. The borrower, Liberty 35 Wacker LLC, stopped making payments in July.
Why it matters
The case shows how distress in commercial real estate can move from a property's loan to the personal finances of its owners. It also illustrates how a loan inherited through a credit union merger can lead to large claimed balances and court action.
The credit union claims $236 million is due on the Leo Burnett Building, against an original $220 million loan inherited in its merger with Unify Financial Credit Union. Court outcomes on the foreclosure and Prager's dismissal motion remain unresolved.
The players
CommunityAmerica Credit Union
A credit union that inherited the loan through its merger with Unify Financial Credit Union and filed the foreclosure suit.
Shaya Prager
A Chicago real estate investor whose personal finances have been tied to lenders' judgments and a bankruptcy case.
Opal Holdings
A real estate company that bought 35 West Wacker Drive for $415 million in 2022 with Prana Equities.
Prana Equities
A real estate firm that bought 35 West Wacker Drive for $415 million in 2022 with Opal Holdings.
The details
The borrower, Liberty 35 Wacker LLC, left both of its 2025 property tax installments unpaid. The credit union says it will separately ask the court to appoint a receiver over the tower.
Timeline
2022: Opal Holdings and Prana Equities bought the tower for $415 million.
April: Shaya Prager and his wife Shulamit were forced into involuntary Chapter 7 bankruptcy.
July: The borrower stopped making loan payments.
Tuesday, Nov. 3, 2026: The credit union filed the Cook County foreclosure suit.
Feb. 10: A trial on Prager's dismissal motion is scheduled.
Market Context
The foreclosure follows the 2022 purchase of 35 West Wacker Drive for $415 million by Opal Holdings and Prana Equities, a sale that set a high benchmark for the tower. The current loan dispute shows how a valuation set at that level can be followed by default and creditor action.
For Chicago office tenants and nearby property owners, the foreclosure could lead to a receiver taking control of the tower and changes in building management. Tenants and local businesses should watch for court notices on the building's operations.
The takeaway
The case is a reminder that commercial property loans can become personal financial exposure when default leads to large judgments against owners. Readers following Chicago real estate should track the Feb. 10 trial and any receiver appointment.
What happens next
A trial on Shaya Prager's motion to dismiss his involuntary bankruptcy is set for Feb. 10, and the credit union says it will separately seek a court-appointed receiver for the tower.
Further reading
For more on office and tower sales in the area, see Commercial real estate coverage.
Source note: This article includes information reported by The Real Deal New York.
