October 30, 2007 – The Roosevelt Collection, that mega development in the South Loop, began construction this past spring and Crain’s reported this week that developer Centrum Properties recently closed on $285 million in loans to finance the project. With a project as big as this one and a total dollar amount that size, there were several banks involved in the transaction. LaSalle Bank is the primary with $19 million, and a group of other lenders including National City Bank and Union Labor Life Insurance Company floated the rest of the money.

The scope of this project is really amazing. The twelve acre development is expected to eventually have upwards of 1,000 condos, a massive shopping center with 400,000 square feet of retail space and a sixteen screen Kerasotes theater. Phase one’s 342 condos are reportedly half sold and scheduled for completion in 2009, though the loft component of those units are expected to be delivered sometime in 2008.

Besides the residential portion of the development, plans call for over four dozen retailers to open shop there. Company names haven’t been made public yet, but Centrum claims to have written intent from a good number of future tenants. The finishing touch on the development will be a three acre park where residents can gather for year round scheduled events and festivals.

The Roosevelt Collection will be one of the South Loop’s bigger mixed-use projects, creating a mini-community that will be easily accessed by foot. If you’re more interested in Townhouses in Chicago, there are several new construction units on the market right now.

[tags]Roosevelt Collection, Chicago Illinois, Chicago Condos for Sale[/tags]

This entry was posted on Tuesday, October 30th, 2007 at 11:46 pm and is filed under Mortgage Information.