70% Off: Investor snaps up failed condo project near United Center

Crain's Chicago Real Estate reports:

An opportunistic investor has spent just over $5 million for a failed 15-unit condominium development east of the United Center, where the challenge now is likely to be finding top-quality tenants for the first-floor retail space.
A venture led by Elizabeth “Lizzie” Kaplan acquired 1004-14 W. Monroe Ave., a condominium project 1.2 miles east of the stadium.

The purchase price is just under 70 percent of the roughly $7.2 million in loans issued in 2007 to finance the project, according to a Crain's estimate, based on property records.

I guess not everyone makes money in real estate.