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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.
The tower will have 7,500 sf of ground level retail on the portion of the building fronting Wabash Avenue. There were three buildings that were about 80 to 90 years old on Wabash that will be incorporated into the development. "The facade of the buildings will be restored to how they were 100 years ago," he says. Hanson tells GlobeSt.com they will speak with jewelers for possible tenants since the development is on Jewelers Row. Other possible tenants are a coffee shop, convenience store and businesses with services for the tower residents. It is expected to be more than a year before Mesa Development begins leasing the retail space. Hanson would not give an estimate for leasing rates.
The tower will also have building amenities such as "sky-garden lounges," an indoor pool, fitness center and 453 parking spaces. A "sky bridge" will also connect the tower to the University Club of Chicago.
The project is on the southern end of Millennium Park. Heritage at Millennium Park was developed by Mesa Development on the northern end of the park at Randolph Street and Wabash Avenue. "We did very well with that project," Hanson says. Mesa then sought another site for a similar development. "We are sort of book-ending Millennium Park with the Heritage at the northern end and now the Legacy at the southern end," he says.
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