CHICAGO-The developers of the $260-million New City developmentnear Lincoln Park has secured a $182-million construction loan, duein large part to its lease deal with Dick's Sporting Goods.
The New City project being led by Structured DevelopmentLLC and Bucksbaum Retail Properties LLCof Chicago secured the loan commitment from BMO Harris BankN.A. and Fifth Third Bancorp. StructuredPrincipal J. Michael Drew credits the 59,000-square-foot lease atthe mixed-use project with Dick's Sporting Goods in helping landthe financing, according to Crain's Chicago Business.
The loan will be split up and syndicated to other banks. Thefinancing is expected to close by year's end.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
