Fremont produces $182m solutions for two construction projects.Fremont Investment & Loan provided a $142 million construction loan to Louis D. D'Angelo of Metropolitan Properties of Chicago, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The loan will be used for the conversion of a 30-story landmark office building and the adjacent 8-story building, into 248 luxury condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. units. Babcock & Brown provided $26.5 million of mezzanine debt. Beacon Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Capital, Inc. arranged the financing for the project. "Metropolitan Tower exemplifies Fremont's value-add," said Manlin. "To structure this loan, we underwrote both the real estate and the market, as well as complex issues surrounding adaptive re-use of older, historic buildings, and created a loan for a project that includes two properties." "These are beautiful historic buildings and we plan to bring out the best in them by converting them to luxury, park-view residences," said D'Angelo. "Fremont's in-house Construction Department offers insights and potential solutions to the hurdles we face." The property is known as Metropolitan Tower and Richelieu Flats, located at 310-318 South Michigan Avenue in downtown Chicago's East Loop/ Michigan Avenue neighborhood. The building's 9-story tower is a landmark of Chicago's skyline. The project will offer 242 units and four unique floor plans with varying finishes and price points. Upon completion, the building will include a 24-hour doorman, state-of-the-art fitness center, event room, secure heated parking, receiving room, indoor bike storage, and dry cleaning dry cleaning, process of cleaning fabrics without water. Special solvents and soaps are used so as not to harm fabrics and dyes that will not withstand the effects of ordinary soap and water. Dry cleaning began in France about the middle of the 19th cent. pick up service. Richelieu Flats will be developed into an intimate six unit luxury condominium. Fremont also stepped in to assist Weststone USA, a Phoenix based development firm controlled by Brian Regehr with construction financing for the 134-unit Northshore Condominiums located on the shore of Tempe Town Lake Tempe Town Lake is an artificial lake that occupies a portion of the normally dry riverbed of the Salt River as it passes through the city of Tempe, Arizona. History in Tempe, AZ. Weststone acquired the 2.62-acre site in June, 2004 and construction has already begun with completion expected by 4th quarter, 2007. Northshore will be the fifth condominium project in Phoenix metro for Weststone USA since coming to the area in 2001. Fremont Investment & Loan provided a $40,500,000 loan to finance the construction of the 5-story structure announced David Sotolov, Vice President, Senior Loan Originator in Fremont's Phoenix office. 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 Life Investment Management, based in New York, provided equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. for the transaction. Both the debt and equity were arranged by Brad Coty from Bradford Mortgage Capital of Scottsdale. The project consists of a 5-story condominium building over 2 stories of subterranean parking. A total of 124 of the 134 units will have partial to full views of Tempe Town Lake, while the remaining 10 units will have views of Camelback Mountain Camelback Mountain is a mountain of 2,704-foot elevation in Phoenix, Arizona. The name is derived from its shape, which resembles the two humps and head of a bactrian camel. and Papago Peaks. The project is located adjacent to the intersection of the Loop 202 Freeway and Scottsdale Rd. |
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