(To read more on the multifamily market, click here.)

CHICAGO-Mesa Development LLC has secured a $275-million construction loan for the Legacy at Millennium Park condominium tower development, at 60 E. Monroe St. The $345-million project is also being financed with a mezzanine loan, says James Hanson, principal at Mesa Development.

The $275-million construction loan was underwritten and arranged by LaSalle Bank. Bank of America and Euro Hypo were co-syndication agents and Wachovia Bank and Associated Bank were co-documentation agents. Charter One Bank, Westdeutsche ImmobilienBank, National City Bank, Bank of Scotland, MB Financial Bank and Standard Bank were also lenders for the financing.

Construction on the 72-story tower began in July with the first of the units expected ready for occupancy in late summer 2009. The tower will have 355 units with one to three bedrooms in addition to penthouses. The size of the units ranges from 875 sf to 4,757 sf and are being sold from more than $400,000 to more than $4 million. Currently, 75% of the condominium units are sold, Hanson says.

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