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CA Ventures just locked in a $35 million loan maturing in 2024 on its 18-story, 80-unit redevelopment of 450 West Belmont Avenue in Chicago from LoanCore Capital. While the maturity date wasn’t clear from public records, the mortgage indicated it’s a variable rate loan, meaning interest paid by the borrower could change over its term.īorrowers against other new apartment properties have recently obtained short-term loans in hopes of riding out further interest rate hikes to get cash out of their properties without selling them as the rental market stays attractive. It’s the latest refinancing for a new Chicago apartment property as owners line up loans amid rising interest rates. Neither the lender nor the ownership responded to requests for comments. The more recent loan was supplied by German lender BayernLB. The 727 West Madison property was designed by FitzGerald Associates Architects, and the property was last mortgaged for $117 million on a construction loan from Bank of the Ozarks in 2017, records show. Other West Loop properties have also surged in value amid the pandemic as Fulton Market demonstrated its resilience as a desirable office destination and developers put more than 9,000 apartments into various stages of planning for the area, by far the most of any neighborhood in the city. The refinancing of the 492-unit building indicates its value has risen markedly since it was developed for about $141 million, according to Chicago construction permit data. The property was formerly a parking lot for the adjacent F&F-managed Crowne Plaza hotel. The elliptical 45-story luxury apartment property at the intersection of Madison and Halsted streets, known as 727 Madison, was completed in 2019 with Skokie’s F&F Realty Partners serving as owner co-developer.
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Residents will enter the project’s 482-space parking garage from 1st Avenue South.Fifield CEO Steven Fifield and 727 West Madison (Fifield, Google Maps, iStock)ĭeveloper Steve Fifield’s Fifield Companies snagged a $177 million loan on one of the city’s most recognizable buildings, Chicago’s tallest west of the Kennedy Expressway, suggesting its value jumped during the pandemic. The 42-story tower is designed by SB Architects of Coral Gables and will include 6,100 square feet of ground floor retail along Central Avenue and 3rd Street South. Pricing for the remaining units begin at $959,000. The development has over 100 residences reserved. And it’s all on the backdrop of this wonderful downtown waterfront.” It’s stitched into the fabric of the community with museums, galleries, dining, live music, festivals, parks, the pier. “Art House was an obvious name,” said Brian Van Slyke, Regional President of Kolter Group. Penthouse units will range from 3,100 to almost 4,000 square feet. Typical units will have two or three-bedrooms and range between 1,380 and 2,637 square feet. Once complete, Art House will soar to 450 feet and feature 244 units, including 12 penthouse units.
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The second interview was with the District Supervisor. The initial interview was with the Branch Manager which lasted for about 40-45 minutes, which consisted of talking about myself and my work experience. The interview process was fairly quick in my experience. Pete Rising broke the news on a new 35-story apartment tower and 13-story hotel that Kolter and Tampa-based Ally Capital Group have proposed in downtown St. I interviewed at Tower Loan (Florence, AL) in Apr 2021.