The owner of the long-shuttered Rainforest Cafe in River North is facing a $9.2 million foreclosure lawsuit.
Alecko Lending filed a lawsuit in Cook County Circuit Court on Oct. 14 saying Chicago real estate investor Sean Conlon failed to pay back an $8.3 million bridge loan on the property at 605 N. Clark St.
Alecko didn’t respond to a request for comment. The company is founded by Alexander Pissios, who opened Cinespace Chicago Film Studios in 2011 then sold it in 2021 in a deal valued at $1 billion.
The company filed to foreclose on the 22,000-square-foot building, which has been vacant since 2020 when the jungle-themed restaurant closed.
Alecko issued a short-term loan to Conlon in January 2024 with a maturity date of Jan. 30, 2025, but a modification agreement extended the deadline to May, according to the lawsuit.
While Conlon missed the May deadline, a forbearance agreement in July offered temporary leniency if $99,204.83 was paid by July 10. But a payment was not made, the lawsuit said.
Alecko said it’s owed $9.2 million, which includes interest and forbearance fees. The firm is also requesting for legal fees to be paid.
Attorney John Ricci, who is representing Conlon, said in a statement: “Mr. Conlon has known Mr. Pissios for years in and out of the business world. Both men have been lenders and borrowers. Mr. Conlon has a high opinion of Mr. Pissios. As Mr. Conlon said yesterday: “This is a tempest in a teacup.” Mr. Conlon has significant assets worldwide. Ultimately, this is a minor dispute that will be resolved quite amicably.”
Conlon purchased the Rainforest Cafe site in 2015 for more than $13 million, according to property records.
The high-profile downtown location was expected to become a pot dispensary but plans were scrapped after the companies, Progressive Treatment Solutions and Bio-Pharm, faced lawsuits that sought to block the dispensary from opening.