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CHICAGO-With pre-sales at 80%, Residential Homes of America haslanded a $69-million construction loan from three participatinglenders for its 133-unit Avenue East condominium tower. The LakeForest-based developer has hired Power Construction Co. ofSchaumburg to build the 27-story tower at 160 E. Illinois St.
LaSalle Bank, Bank of America and National City Bank are puttingup the money for the project, which will rise near Michigan Avenue.Equibase Capital Group, LLC, a Chicago-based lender, is providingequity and mezzanine financing.
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