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Mesa, Walsh Pays Off $275M Loan for Legacy

CHICAGO-The two investors have sold about half of the 356 condos at the Legacy at Millennium Park, and US Bank and Private Bank have now provided a new $60.6 million loan.

By Robert Carr | Updated on February 14, 2012

CHICAGO-The developers and owners of the 72-story Legacy at Millennium Park condo building have pulled off what some deem impossible – they have refinanced a half-full property. Only 55% of the 356-unit tower have been sold, but Mesa Development LLC and Walsh Investors gained $60.6 million to help pay off a $275.5 million construction loan.

The developers used the loan, provided by US Bank and Private Bank, along with the proceeds of prior sales and another reported $30 million in equity to refinance the remaining $91 million loan. The venture also has hired @properties to try to find buyers for the tower, which is across the street from the popular park. Prices for the units range from the upper $350,000s to $6 million for a 9,301-square-foot penthouse.

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