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$129M Financing Set for The Pinnacle

CHICAGO-Corus Bank and another lender deliver the financing package for the 213-unit Pinnacle condominium tower at 21 E. Huron St., where Chris Carley's The Fordham Co. has designed "five-star hotel" amenities into the $225-million project.

By Mark Ruda | Updated on September 03, 2002

CHICAGO-The $129.3-million financing package for the 213-unit Pinnacle condominium tower is wrapped up, with Corus Bank holding a $77.3-million loan while selling off the remaining $52 million in debt owed by Chris Carley’s The Fordham Co. Being built at 21 E. Huron St. in the city’s Cathedral District, the $225-million project follows two others by the developer, 65 E. Goethe and The Fordham Tower at 25 E. Superior St.

“Corus aided in saving the borrower several million dollars on the land acquisition by quickly providing a second mortgage loan to bridge the gap between the first mortgage lender and the borrower’s equity,” says Corus Bank senior vice president Terence W. Keenan. “Corus is confident The Fordham Co. ‘s extensive knowledge and experience in the Chicago luxury condominium market will help make The Pinnacle project a resounding success.”

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