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CHICAGO-American Invsco's conversion of the 467-unit Ontario Place multifamily rental building to condominiums is being financed with a $75-million loan from Corus Bank. The financing comes as 61% of the units in the River North high-rise already sold, with 21% of them remaining on the market.
The 51-story building at 1 E. Erie St., acquired from California Public Employees Retirement System, includes 408 parking spaces, a fitness club and rooftop swimming pool. Units range from 765-sf studios, 995-sf to 1,093-sf one-bedrooms and 1,390-sf two-bedrooms.
Recently, Boston-based First Union Real Estate Equity and Mortgage Investments and Marc Realty LLC paid $27 million to acquire the 128,000-sf commercial area from American Invsco. That deal includes 208 parking spaces within the River North mixed-use building at the southeast corner of Erie and State streets.
Corus' deal with American Invsco is the North Side lender's fifth this year, and among the most challenging. The collateral was "changing up to the minute before closing," says Corus Bank senior vice president John R. Markowicz.
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