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$22M Loan Helps American Invsco Buy Plaza 440

CHICAGO-More than 300 units were pre-sold, but a $22-million loan from Corus Bank allows American Invsco to buy the 50-story, 457-unit multifamily building at 440 N. Wabash Ave. from Archstone-Smith Trust.

By Mark Ruda | Updated on January 19, 2005

CHICAGO-Selling more than 300 of the 457 units at Plaza 440 went a long way toward meeting Archstone-Smith Trust’s $107-million sales price. However, prolific condominium converter American Invsco needed another $22 million to close the gap, and got it from Corus Bank.

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.

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