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CHICAGO-The city will raise $26.5 million in tax increment financing for the $110-million makeover of the Brickyard Mall by selling bonds at an interest rate averaging 9.01%, which will be tax-free to the buyers. A $19.5-million redevelopment note will be at 8.75% interest, while a $7-million project note will bear a 9.75% interest rate, according to an ordinance likely to be approved by the city council.

Whitehall Street Real Estate Limited Partnership IX is an affiliate of Goldman Sachs, which is injecting $33.5 million in equity into the project at the southwest corner of Diversey and Narragansett avenues. Oak Brook-based Mid-America Asset Management also is part of the team converting the 878,000-sf indoor Brickyard Mall, which is 80% vacant, into a 565,000-sf lifestyle center.

The remaining $50 million will be borrowed.

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