Few things capture the romance of commercial real estate quite like a vacant building that used to house an animatronic gorilla. And few things capture the romance of commercial lending quite like watching that vacant building generate a judgment north of ten million dollars.
The building at 605 North Clark Street in Chicago was once home to a Rainforest Cafe, the jungle themed restaurant chain known for its animatronic elephants and thunderstorm effects. This Rainforest Cafe closed during the pandemic and never reopened. The property is controlled by an entity led by the real estate investor and former television personality Sean Conlon, who personally guaranteed an $8.3 million bridge loan the entity took out from Alecko Lending in 2024.
The former jungle themed restaurant remains exactly where it has been since the pandemic. Empty, generating no revenue, and accumulating interest on a loan that someone still had to repay.
That someone turned out to be Conlon personally. A court order was entered in October 2026 directing Conlon to pay the lender more than ten million dollars to resolve the litigation, The amount reflects the original loan amount plus the accumulated interest, fees, and the cost of litigating a foreclosure action that also sought appointment of a receiver and a waiver of the borrower’s post judgment redemption rights. The secured lender’s attorney did a darn good job. Conlon has not disputed owing the money. He told reporters the amount is owed, that he has assets across several states, and that he intends to keep the property and work out a payment plan rather than simply hand over the keys.
There is a tidy lesson buried in the jungle. A personal guaranty converts what looks like a company’s problem into the guarantor’s problem. Most banks and bridge lenders tend to negotiate guaranties that are broad, unconditional, and resistant to the kind of creative arguments borrowers like to raise once the jungle is arid. For bridge loan borrowers, expecting to refinance out of trouble before anyone ever calls on it sounds great in theory but you better have a real plan for what happens if the expected tenant, expected sale, or expected refinancing does not show up on schedule.
David Seidman is the principal and founder of Seidman Law Group, LLC. He serves as outside general counsel for companies, which requires him to consider a diverse range of corporate, dispute resolution and avoidance, contract drafting and negotiation, and other issues. In particular, he has a significant amount of experience in hospitality law by representing third party management companies, owners, and developers.
He can be reached at david@seidmanlawgroup.com or 312-399-7390.
This blog post is not legal advice. Please consult an experienced attorney to assist with your legal issues.
Image credit: Rainforest Cafe Photos, Download The BEST Free Rainforest Cafe Stock Photos & HD Images
