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CHICAGO-The largest Islamic lender, Kuwait Finance House has signed a $242 million deal in a move that will increase the company’s investments in America. KFH owns 95% of the luxury condominium project here, known as the Ritz-Carlton Residences. Locally-based Prism Development Co. owns the remaining 5%.

The 40-story project located at 664 Michigan Ave. is already under construction, with development expected to complete before 2012. Of the 88 units, roughly 40% have been sold; a number that has changed little over the last two years. However, according to an article in Crain’s Chicago Business, two contracts have been signed in the last 30 days, indicating a slight sign of improvement.

The development project is estimated to cost $200 million, for which the developer has a $137.5 million construction loan from Helaba, a German company. The $242 million figure KFH officials site is the estimated gross sales proceeds should all 88 condos sell.

Planning for the Ritz-Carlton Residences began in early 2006. According to earlier GlobeSt.com reports, the new development was set to replace a 77-year-old, 48,000-sf structure, which had been home to the Terra Museum of American Art.

At the time, Simon Cooper Ritz-Carlton Hotel Co. president and COO said, “We know a stylish, sophisticated address in the heart of Chicago will be another real estate success story.”

Units in the development range in size from 1,370-square-foot one-bedrooms to 6,500-square-foot penthouses. The starting price for a unit is $1.25 million.

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