(To read more on the multifamily market, click here.)
CHICAGO- Terrapin Properties, based here, has secured an $83.5-million loan from locally based Corus Bankshares Inc. to finance the construction of a 298-unit condominium tower. Construction has already begun for the Residences at Burnham Pointe, a 29-story building at 720 S. Clark St. in Chicago's Printer's Row.
The total cost of the project is estimated at more than $100 million, says Michael Ezgur, a principal with Terrapin Properties. The first residential occupancies and retail occupancies should be in the beginning of next year.
The condominium units are currently about 50% sold. The building will have one to three bedrooms with between 737 sf and 2,256 sf and are being marketed at between $299,990 and $641,990. Amenities for residents will include a fitness center, clubroom, business center, resistance pool, an open-air terrace and indoor parking.
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