The loan gives Cleveland-based Forest City Enterprises threeyears to build the 42-story rental and 11-story senior housingbuildings at the northeast corner of Michigan Avenue and 13thStreet, as well as lease up the 502 units. The two buildings alsowill have ground-floor retail space. However, the lead developer ofthe massive multifamily development in the burgeoning South Loopneighborhood has the ability to tack on an extra two years ifneeded.

Plans for the $122-million project were endorsed nearly twoyears ago by the city's community development commission, which isusing tax increment financing, low-income housing tax credits and aproperty tax break to help make the numbers work for CentralStation Development Corp. In exchange, the developer pledged to setaside 176 units for renters qualifying under the city's affordablehousing initiative.

GMACCM vice president Christopher Blechschmidt of the Chicagoloan origination office quarterbacked the loan with affordablehousing division vice president Barry Krinsky and constructionlending senior vice president Peter Kisluk.