(To read more on the debt and equity markets, click here.)
CHICAGO-With pre-sales at 80%, Residential Homes of America has landed a $69-million construction loan from three participating lenders for its 133-unit Avenue East condominium tower. The Lake Forest-based developer has hired Power Construction Co. of Schaumburg to build the 27-story tower at 160 E. Illinois St.
LaSalle Bank, Bank of America and National City Bank are putting up the money for the project, which will rise near Michigan Avenue. Equibase Capital Group, LLC, a Chicago-based lender, is providing equity and mezzanine financing.
Residential Homes of America president Ann Danner says prices at Avenue East are "surprisingly reasonable." Studios, one-, two- and three-bedroom units range from $399,900 to $949,900, with sizes ranging from 1,071 sf to 1,716 sf. In addition to 10,000 sf of ground-floor retail space, the building will include a fitness center and three-level "green" roof in addition to a sundeck. Completion is expected next year.
Located north of Tribune Tower and east of the InterContinental hotel, Avenue East is replacing an industrial building, which was sold in 2004 for $800,000, according to documents on file at the Cook County Recorder of Deeds office. Strategic Hotels & Resorts, which owns the InterContinental, is considering a condominium tower of its own.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
