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Old Posted Mar 22, 2007, 7:12 PM
chicubs111 chicubs111 is offline
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This article is not directly related to waterview but it mentions the lenders freemont supporting another chicago project...

Chicago Gold Coast Condo Project Bags $96M in Lending
March 22, 2007
By Dees Stribling, Midwest Correspondent

Ten East Delaware Place, a ground-up condo project in Chicago’s Gold Coast neighborhood just north of downtown, has received approval for a $96.2 million construction loan. The funding will be provided by Fremont Investment & Loan, a subsidiary of California-based Fremont General Corp., to an affiliate of the developer, Chicago-based Prime Group.
The project (pictured), which will include 121 units, is one of the few new residential developments under way in the neighborhood. It’s going ahead despite a sluggish local condo market. According to the Illinois Association of Realtors, condo sales in metro Chicago totaled 10,635 units in the fourth quarter of 2006, down 13.4 percent from the fourth quarter 2005 total of 12,287 units.

“Condo developers have to be selective in Chicago, but it’s still possible to excite interest among buyers if you have an attractive product at a good location,” Scott Manlin, vice president and regional manager of Fremont’s Chicago office, told CPN this morning. “Certainly anything new in the Gold Coast is going to attract attention.”

According to Manlin, about 40 percent of the development’s units are reserved or under contract. “Ten East Delaware is also a popular property because it’s a relative bargain for the neighborhood,” he said. “The average price of the residences is well under $1 million, which is very competitive for the Gold Coast. For about $600,000, a buyer can get a nice one-bedroom, maybe $650,000 with parking.”

The 36-story concrete and glass structure, designed by Chicago architect Lucien Lagrange, will be faced with sand-colored limestone and will feature curved balconies. Site clearance for the project has already started, according to Manlin.