May 5, 2008

Ritz Carlton gets funding

Category: Downtown Condos. Posted by Mike at 11:39 pm.

Amidst one of the most difficult credit markets in recent years, one Chicago developer has been able to secure funding for one of the largest developments planned for the downtown Chicago market.

The Ritz-Carlton Residences, a 40-story tower planned for 664 N. Michigan Avenue, will go ahead as planned after the developer received a total of $177.5 million in loans from two foreign lenders. The developer, Prism Development Co, received loans from Helaba, a Germany-based investors, and Kuwait Finance House.

The developer closed on the property immediately upon receiving word of the financing agreement, and will proceed with demolition of the building currently at the site. A total of 88 condominiums are planned at the Ritz-Carlton Residences, with prices starting at $1.5 million. The largest penthouse unit will sell for more than $40 million.

The sales center for the Ritz-Carlton Residences has been open for almost two years. About 40 percent of the units have been sold. The Ritz-Carlton Residences is one of several high profile developments planned for downtown Chicago. Other developments include the Chicago Spire and the Trump International Hotel and Tower.

The development will offer some of the most luxurious Chicago Condos for Sale on the market in downtown.

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