Days after buying the 30-acre Freedom Center printing site, Bally’s has sold the land to a Chicago real estate investment firm, leasing it back for 99 years and raising up to $500 million to help build its proposed $1.74 billion Chicago casino complex.
Oak Street Real Estate Capital acquired the River West property Monday for $200 million in the sale-leaseback deal, with a commitment to provide up to $300 million more in additional funding to develop the casino.
“It’s just another step forward in making sure that the project is fully funded,” Bally’s Chair Soo Kim said Monday.
A spokesman for Oak Street declined to comment.
