First Bank and Trust Company Illinois

Chicago Condominiums

Overview: $9,000,000 loan secured by the remaining inventory of 33 units in a recetly converted 195 unit condominium project in Chicago's Lincoln Park neighborhood.

Timing: Transaction closed within 30 days of application.

Unique Characteristics:

Proceeds replaced high cost equity originally utilized to acquire and convert the project with lower cost debt during the final stage of unit sales.
More than 50% of the units were located on lower floors where price levels had not yet been established.
Classic, vintage building in a highly desirable urban location.