Interest on the 33-year debt will range up to 15%, according to an ordinance being considered by the city council later this month. The bond issue is backed by the company's letter of credit from LaSalle Bank. The city also will collect a 0.25% fee--$17,125—that will be used by the department of planning and development.
In an unrelated industrial deal, a 126,050-sf warehouse on the Northwest Side has been sold to a local import company by Mail-Well Corp., an Englewood, CO-based envelope manufacturing company that has been at 5445 N. Elston Ave. for 22 years. Although no price was disclosed, the asking price had been $3.8 million.
CB Richard Ellis first vice president Dave Prioletti brokered the deal.
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