The 50-story building at 440 N. Wabash Ave. is one of two multifamily rental buildings Denver-based Archstone-Smith Trust is shedding. Capitalizing on the intense demand for multifamily rental buildings than can be converted to condominiums, the REIT got $130 million from MCZ Centrum, LLC for the newer 480-unit Park Millennium building at 222 N. Columbus Dr.

Now known as Plaza 440 Private Residences, units ranging from studios to two-bedrooms have sold for up to $500,000. "The borrower was able to pre-sell virtually all of the units prior to acquiring the building," says Corus Bank senior vice president John R. Markowicz. "They used the proceeds from those closings plus our loan to purchase the building. This required us to be very flexible, as we did not know what units would serve as collateral until the last minute."

American Invsco gets a building that includes 10,000 sf of retail space as well as a six-story, 392-space parking garage. The property is less than a block north of the Trump International Hotel & Tower, which is now under construction.