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$96M Loan Clears for 36-Story Condo Tower

CHICAGO-Prime Group Inc. acquires $96.2 million in financing from Fremont Investment & Loan for a 121-condominium tower at 10 East Delaware Place.

By Gina Kenny | Updated on March 27, 2007

(To read more on the debt and equity markets and the multifamily market, click here.)

CHICAGO-Prime Group Inc., based here, has begun work on a 36-story condominium tower at 10 East Delaware Place and recently acquired $96.2 million in financing from Fremont Investment & Loan. Demolition and site preparation work is under way and construction of the 121-unit building should begin in a couple of months, says Scott Manlin, vice president and regional manager in Fremont’s Chicago office.

The amount of the loan, which closed on March 16, is for 80% of the project cost. The term of the loan is three years and is interest-only with a variable rate floating above LIBOR, Manlin tells GlobeSt.com. About 40% of the units are already reserved or under contract. Capri Capital Partners, headquartered here, provided the mezzanine financing.

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