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CHICAGO-Corus Bankshares, Inc. has increased its construction loan on Congress Center at 525 W. Van Buren St. to $65 million. The bank gave Development Resources, Inc. and Oaktree Capital Management an additional $25 million after seeing satisfactory leasing and occupancy at their 525,000-sf West Loop office building.

The 16-story building opened in January 66% leased. Space is being offered at net lease rates of $21 per sf to $24.50 per sf.

“Corus restructured the existing loan after Congress Center executed multiple leases,” explains Corus Bank executive vice president Michael Stein. “By increasing the original loan amount from $40 million to $65 million the development team was able to reduce the developer’s equity in the project and potentially increase their return. In addition, Corus’ ability to commit to the entire loan eliminates any need for a participating bank.”

Developers Resources built 525 W. Van Buren and the 332,608-sf Union Tower at 550 W. Van Buren on speculation, and recently announced plans to build a 34-story, 942,000-sf tower at the southwest corner of Franklin and Van Buren streets, possibly without pre-leasing.

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