$93M Loan Puts 227 More Streeterville Condos in Works

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CHICAGO-Urban R2 Development and Schatz Inc. have landed a $93-million construction mortgage from Fremont Investment & Loan, which will allow them to build a 227-unit condominium building at 600 N. Fairbanks Ct. Architect Helmut Jahn returns to Chicago after a three-year absence to design his first condominium building here, a 41-story concrete, steel and glass structure.

Fremont Investment & Loan vice president David Sharp suggests Jahn’s involvement will play a role in the project’s success, as well as helping underwrite it in a Streeterville area with an abundance of units hitting the market as well as drawing boards. In addition to being three blocks west of Navy Pier, it also is a quarter-mile northwest of the site of the proposed Fordham Spire.