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Mesa Development Secures Loan for $345M Tower

CHICAGO-The corporation secures a $275-million construction loan for a $345-million condominium tower at 60 E. Monroe St.

By Gina Kenny | Updated on February 20, 2007

(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.

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