Corus Bank closes on $93.5m construction loan.Corus Bankshares Corus Bankshares, Inc. operates as the holding company for Corus Bank, N.A. that offers consumer and corporate banking products and services. The bank's deposit products include checking, savings, money market, and time deposit accounts. , Inc. announced on October 1, 2007 that its banking subsidiary, Corus Bank, closed a $93,500,000 construction loan on September 27, 2007 to 405 W. 53rd Development Group, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control to finance the Five Three, a new residential condominium project located at 405 W. 53rd Street in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY. The seven-story building will contain 83 luxury residential units and approximately 36 parking spaces upon completion. The building features a unique mix of unit types, including large townhomes with dedicated parking, simplex loft units and duplex units. The project is located in Manhattan's Clinton neighborhood on 53rd Street, between 9th and 10th Avenues. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mario Procida, principal of 405 W. 53rd Development Group, LLC, "the Corus team's knowledge of the market and process greatly enhanced underwriting and closing of the construction loan, and they appear to be equally adept in the critical area of loan administration. The Corus team has been terrific to work with, and we look forward to the completion of what we expect will be a spectacular and unique residential development." "Corus was able to provide the Borrower flexibility in its construction requirements. Corus is proud to continue lending to experienced developers on well located, artfully designed condominiums in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . We look forward to working with the borrower on the construction of this unique project," said John Barkidjija, Corus Bank senior vice president. Corus Bankshares, Inc., a part of the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Financial-100 Index and the KBW KBW Kommunistischer Bund Westdeutschlands (Communist Union of West Germany) KBW Keefe, Bruyette and Woods, Inc. (investment firm) KBW Knowledge-Based Warfare Regional Banking Index, is a one-bank holding company headquartered in Chicago, Illinois. Corus Bank, N.A., is an active lender nationwide, specializing in condominium construction, conversion, and inventory loans. Corus Bank also provides financing for hotel, office, and apartment projects. Its outstanding commercial real estate loans and construction commitments total approximately $8 billion. Corus Bank and its holding company, Corus Bankshares, will hold loans of up to $180 million. |
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