American Invsco's condominium conversion project at 345 N. LaSalle St. in the River North neighborhood provided the North Side real estate and construction lender with challenges, says Corus Bank first vice president John R. Markowicz."This deal required a high level of customization due to its complicated mass closing structure," Markowicz explains. "We needed to respond to an ever-changing collateral pool and adjust the loan proceeds accordingly. I am pleased we were able to take this loan from application to closing in a matter of weeks."
American Invsco Corp. Chairman Nicholas S. Gouletas' next multifamily conversion project is across the river at the former Trustees System Services Building at 201 N. Wells St., at the intersection of two Chicago Transit Authority elevated rail lines. Rather than condominiums, plans reportedly call for 293 rental units. More than 1,500 condominium units are on the drawing board for River North.
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