July 29, 2008

Jam Buys the Uptown Theatre (Chicago) for $3.2 Million

Jam buys Uptown for $3.2M

(Crain’s) — Without any drama, a venture led by concert promoter Jam Productions Ltd. bought the historic Uptown Theatre on Tuesday for $3.2 million in a court-ordered foreclosure sale.
Jam principal Jerry Mickelson was the only bidder for the long-vacant theater at 4816 N. Broadway. The sale price was essentially a “credit bid” that covers repayment of about $1.8 million owed on a first mortgage and $1.4 million owed on a second mortgage that’s held by Mr. Mickelson’s group.

Mr. Mickelson, who has said he plans to restore the Uptown, declined comment on the sale.
The property’s ownership has been in dispute, and Mr. Mickelson — in a venture with Block 37 developer Joseph Freed & Associates LLC — began pushing for a foreclosure sale early last year when the venture acquired the defaulted second mortgage on the 4,500-seat theater.
A court still must approve the sale. Mr. Mickelson’s attorney, Todd Rowden of Thompson Coburn Fagel Haber, said he expects there won’t be any objections and that the court will grant approval soon.

“It went pretty smooth,” Mr. Rowden said. “Given the publicity, we were expecting some other bids...”

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