X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-The $129.3-million financing package for the 213-unit Pinnacle condominium tower is wrapped up, with Corus Bank holding a $77.3-million loan while selling off the remaining $52 million in debt owed by Chris Carley’s The Fordham Co. Being built at 21 E. Huron St. in the city’s Cathedral District, the $225-million project follows two others by the developer, 65 E. Goethe and The Fordham Tower at 25 E. Superior St.

“Corus aided in saving the borrower several million dollars on the land acquisition by quickly providing a second mortgage loan to bridge the gap between the first mortgage lender and the borrower’s equity,” says Corus Bank senior vice president Terence W. Keenan. “Corus is confident The Fordham Co. ‘s extensive knowledge and experience in the Chicago luxury condominium market will help make The Pinnacle project a resounding success.”

Units at 65 E. Goethe St., a $100-million project repeatedly downsized during the planning process, are selling at about $1,000 per sf. The architect there is Lucien Lagrange, also designing The Pinnacle, where Carley has promised “five-star hotel” amenities such as maid and car services, use of a wine cellar, a private theatre, health club and “pocket offices” in units as well as sitting rooms off master bedrooms.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.