Chicago-based Corus Bankshares says its banking subsidiary, Corus Bank, finalized the loan to 301 Clifton LLC, an affiliate of Unique Property Development.
301 Clifton will be a four-story condominium building with 44 residential units and 61 indoor parking spaces located in the attractive Loring Park area. The building, which is already under construction, is designed to complement and enhance the classic elegance of the area.
"Corus Bank is delighted to have this opportunity to expand our condominium construction lending into the active Minneapolis market," says Tim Stodder, Corus Bank's first VP. Corus Bank adds it quickly ascertained that this project met the criteria for a relatively high-leverage, structured credit facility with a mezzanine component. By providing one source for both conventional and mezzanine financing, Corus Bank says it streamlined the approval and closing of the loan.
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