The construction is considered unique, as it will be builtaround the façade of a loft building at the site.The projectproceeds despite 950 West Loop condominium units unsold at the endof the first quarter, according to Appraisal Research CounselorsLtd.'s most recent "Downtown Residential Benchmark Report."

"We were able to be flexible in our underwriting because we wereencouraged by the steady absorption of sales at the project andcomfortable with the support of an independent mezzanine lender,"says Corus Bank SVP John R. Markowicz.

The site was acquired in November 2002 for $7.2 million,according to property records.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.