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CHICAGO-The former Ambassador West hotel at 1300 N. State Pkwy. is being converted into 39 condominiums, with financing for the purchase and conversion coming from a $47.27-million loan from Corus Bank. The condominiums will average nearly 3,200 sf.

In addition to the 12-story former hotel, the project includes a two-story garage with 74 parking spaces. The Ambassador East at 1301 N. State Pkwy. remains a hotel, now operating under the Omni flag.

Thirteen of the units have been sold, according to Appraisal Research Counselors’ Second Quarter Benchmark Report, at an average of $647 per sf, or more than $2 million per unit. One more unit went under contract in the second quarter, Appraisal Research Counselors adds.

The Ambassador West conversion started in July 2002, as did Draper & Kramer’s makeover of The Palmolive Building at 159 E. Walton St., where 40 of the 102 units have been sold.

“The location of this project in the heart of Chicago’s Gold Coast, along with the strong commitment by sponsorship, provided the confidence necessary to incorporate a sizeable mezzanine loan by Corus Bank,” says Corus Bank SVP John R. Markowicz. “We were pleased to have provided the financing necessary to restore and renovate a vintage building that is considered a landmark to many Chicagoans.”

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