(To read more on the debt and equity markets and themultifamily market, click here.)
CHICAGO-Prime Group Inc., based here, has begun work on a36-story condominium tower at 10 East Delaware Place and recentlyacquired $96.2 million in financing from Fremont Investment &Loan. Demolition and site preparation work is under way andconstruction of the 121-unit building should begin in a couple ofmonths, says Scott Manlin, vice president and regional manager inFremont's Chicago office.
The amount of the loan, which closed on March 16, is for 80% ofthe project cost. The term of the loan is three years and isinterest-only with a variable rate floating above LIBOR, Manlintells GlobeSt.com. About 40% of the units are already reserved orunder contract. Capri Capital Partners, headquartered here,provided the mezzanine financing.
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