View Single Post
  #103  
Old Posted Jun 23, 2015, 5:16 PM
BVictor1's Avatar
BVictor1 BVictor1 is offline
Registered User
 
Join Date: Sep 2002
Location: Chicago
Posts: 10,401
Quote:
Originally Posted by SamInTheLoop View Post
^ Like clockwork, article just posted in Crain's.


So as I expected, this was almost assuredly mostly a delay due to lack of financing when they did the caisson work late last year..........
http://www.chicagobusiness.com/reale...struction-loan

June 23, 2015
Streeterville apartment project scores $160 million construction loan
By Alby Gallun

Quote:
Local developer David Hovey landed a $159.5-million construction loan for a 53-story apartment tower he's building in Streeterville, next door to another residential high-rise he completed in 2013.

Hovey said he and his partner, Tampa, Fla.-based DeBartolo Development, closed last week on the loan for the 490-unit building at 220 E. Illinois St. The development venture borrowed the money for the $225 million project from Bank of America, PNC Bank and Fifth Third Bank, he said.

The venture began work on the site last fall. Construction halted for several months as the development team finished its construction drawings, not because of financing delays, said Hovey, CEO of Optima, a Glencoe-based developer.


I really like the contrast of colors between the two projects.
__________________
titanic1