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River North Grand Plaza Project Gets Financing

CHICAGO-High-powered real estate partnership that includes Lakeside East backers Magellan and Near North gets big construction loan from a group of banks led by Bank of America. The Grand Plaza will be built on the last remaining parcel of the AMA's formerly huge near-north land holdings.

By Ted Jackson | Updated on October 11, 2000

CHICAGO-The developers backing the residential/retail Grand Plaza project in the River North section of the city have secured a big construction loan from a group of banks led by Bank of America, the development group says. The group refused to divulge the size of the loan or the estimated development cost of Grand Plaza.

Developing the project, which will consist of two residential towers containing 764 rental apartments and 100,000-sf retail space, are Magellan Development Group, Near North Properties, U.S. Equities and The Cataldo/Marovitz Group. Magellan and Near North are currently trying to sheppard the huge $1.5 billion Lakeside East development proposal through the city hall approval process.

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