Fremont provides $93m financing for Jahn condo.Fremont Investment & Loan has provided Urban R2 Development and Schatz, Inc. with a $93 million loan for the construction of a Helmut Jahn-designed 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. , announced Scott Manlin, vice president and regional manager of Fremont Investment & Loan's Chicago office. Al Hanna and Andy Margolis of Draper and Kramer Incorporated served as mortgage brokers for the transaction. The 227-unit development is planned for Chicago's Streeterville neighborhood, a residential and commercial community that is popular with young urban professionals. Located two blocks east of the Magnificent Mile The Magnificent Mile is the portion of Michigan Avenue in Chicago, Illinois extending from the Chicago River to Oak Street in Near North Side community area.[1] and two blocks west of Lake Michigan, it is within walking distance of shopping, dining, museums, the Lake, the Loop and public transportation. "This condominium development is one of many being marketed to the Streeterville community," said David Sharp David Sharp was a British mountaineer who possibly summitted Mount Everest on his third attempt but died on 15 May 2006 near the summit.[1] Controversy over death , vice president and loan originator with Fremont Investment & Loan's Chicago office. "It stands out from the crowd because of its architecturally significant design that is both visually and physically compelling. This contemporary, urban project will be hailed as one where art meets function." "Fremont won this business by acting quickly and decisively on substantive deal points," said Gary Rosenberg, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Urban R2. "Additionally, we found tremendous value in Fremont's credit structure as well as the expertise of their in-house Construction Management Division." Designed by Helmut Jahn Helmut Jahn (b. January 4, 1940) is a German-American architect, designer of dozens of major buildings throughout the world. Some of the better known among his creations are the US$800 million Sony Center on the Potsdamer Platz, Berlin, the Messeturm in Frankfurt and the , the 41-story-structure will be constructed of concrete, steel and glass with translucent translucent slightly penetrable by light rays. glass curves around the building, offering extraordinary, floor-to-ceiling city and lake views. It will be Jahn's first condominium project in Chicago and his first building in downtown Chicago in three years. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion