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CHICAGO-With pre-sales at 80%, Residential Homes of America has landed a $69-million construction loan from three participating lenders for its 133-unit Avenue East condominium tower. The Lake Forest-based developer has hired Power Construction Co. of Schaumburg to build the 27-story tower at 160 E. Illinois St.

LaSalle Bank, Bank of America and National City Bank are putting up the money for the project, which will rise near Michigan Avenue. Equibase Capital Group, LLC, a Chicago-based lender, is providing equity and mezzanine financing.

Residential Homes of America president Ann Danner says prices at Avenue East are “surprisingly reasonable.” Studios, one-, two- and three-bedroom units range from $399,900 to $949,900, with sizes ranging from 1,071 sf to 1,716 sf. In addition to 10,000 sf of ground-floor retail space, the building will include a fitness center and three-level “green” roof in addition to a sundeck. Completion is expected next year.

Located north of Tribune Tower and east of the InterContinental hotel, Avenue East is replacing an industrial building, which was sold in 2004 for $800,000, according to documents on file at the Cook County Recorder of Deeds office. Strategic Hotels & Resorts, which owns the InterContinental, is considering a condominium tower of its own.

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