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Terrapin Secures Loan for $100M-Plus Condos

CHICAGO-The company secures an $83.5-million loan for its Residences at Burnham Pointe condominium project at 720 S. Clark St.

By Gina Kenny | Updated on February 24, 2007

(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.

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