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Chicago's Corus Bank Funds Esplanade Condos

MIAMI-The 24-month, $30.325 million construction loan on the planned 16-story, 139-unit Downtown Fort Lauderdale, FL project has an interest rate at prime plus 1.25% with monthly interest-only payments required until the balance is due. Loan-to-value ratio is about 80%. Other lenders competed for the loan business.

By Alex Finkelstein | Updated on August 28, 2002

MIAMI-Taking a calculated risk on an untested development area on Fort Lauderdale’s New River, Chicago-based Corus Bank is providing a $30.325 million, 24-month construction loan to New River Development Partners Ltd. for their planned 16-story, 139-unit Downtown Esplanade condominium community.

The loan carries an interest rate at prime plus 1.25%,with monthly interest-only payments required until the balance is due. Loan-to-value ratio is about 80%..

The project “presented a lending challenge due to its location on the south bank of the New River in an area not yet established for luxury residential development,” Tim Stodder, the bank’s first vice president, says in a prepared statement.

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