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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.
The building will also have 16,000 sf of retail on the ground level. No retail leases have been signed yet. "We have gotten quite a bit of interest from some really great national retailers and we have letters of intent from some of them," Ezgur says. There are letters of intent from "lifestyle retail" such as a "sit-in restaurant type" business, "coffee-type uses," a home furnishing store and a "high-end green grocer," Ezgur says. The development will also have a dry cleaner and possibly a high-end spa. The lease rate for the retail will be between $35 to $40 per sf, net.
Corus Bankshares officials say the location of the property and the developer is strong. "It is a new relationship for us, but they have some good experience previously with condominium construction deals and they have a pretty good level of pre-sales," says John Ascher, first vice president with Corus Bankshares. "There was also a strong third-party mezzanine lender involved with the project." He would not provide more information about the third lender.
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