Posted Apr 26, 2017, 5:46 PM
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Join Date: Sep 2002
Location: Chicago
Posts: 10,419
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http://www.chicagobusiness.com/reale...struction-loan
April 26, 2017
South Loop apartment project scores $92 million construction loan
By Alby Gallun
Quote:
The developers of a 46-story luxury apartment tower in the South Loop have secured a construction loan for the $175 million project, one of three big multifamily buildings in the area to get underway this year.
Chicago developer John Murphy and Los Angeles-based CIM Group have already begun work on the 500-unit high-rise at 1326 S. Michigan Ave., but financing is typically the biggest hurdle for big projects, marking the official transition from planning to construction phase. Murphy and CIM obtained the $92 million loan from Pittsburgh-based PNC Bank, according to Cook County property records.
Developers say construction lenders have become more cautious about financing apartment projects amid increased regulatory scrutiny and a historic building boom that's flooding the downtown market with new apartments. Developers are expected to complete about 8,000 apartments in downtown Chicago in 2017 and 2018, and the market is already showing signs of softness.
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