Developers Secure Crucial Loan Extension

By GlobeSt News Hub

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CHICAGO-The developers of the Walton tower on the Park, Mesirow Financial and Enterprise Cos. have secured a crucial extension on a $129.5 million construction loan. The lenders TPG Capital and Starwood Capital Group have agreed to an extension as late as Sept 2012.

Under the terms of the extension, the developers must concentrate on renting out the 100 unsold units in the 201-unit building on Near North Side. The developers dropped plans to build a second condominium on the site. For the full story, go to Crain's Chicago Business.

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Categories: Midwest, Office, Capital Markets, Chicago