A prominent Chinese restaurant in Oak Park is on the market, with the owner unable to extend his loan on the building.
Szechwan Beijing, along with the building in which it’s located, is up for sale, with the owner seeking $899,000. Perched at 1107 South Blvd., the restaurant has been in business for 16 years.
David Chung bought the building back in 1993, investing almost $1 million to convert the space from a health club into a Chinese restaurant. He secured a 20-year mortgage to purchase the property, which he was renewing every five years. The next renewal date was coming up in 2011, but Chung’s bank has refused to grant him an extension, he said. He has searched for other lenders to give him a loan, but no one has been willing to bite.
“The economy is so bad, and I just have nowhere else to turn to give me a mortgage,” he said.
Chung has $360,000 remaining to be paid off on the loan. He says he has been on time with his payments as of late, although he did fall behind by a few months when the economy was much worse. Chung was seeking more for the two-story, 7,200-square-foot building and restaurant, closer to $1.5 million, but he has lowered the price trying to find a buyer.
Business has picked up, Chung said, and he is optimistic for 2010. But Chung said he’s desperate to find assistance before his lender pulls the rug out from under him.
“I’m still trying to hang in and trying to see if there’s any help we can get,” he said.