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.

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