Edge Lofts & Tower Bags $41M Construction Loan

CHICAGO-Construction of the 224-unit Edge Lofts and Tower condominium project in the West Loop is being financed with a $41.22-million loan from local commercial mortgage lender Corus Bank. Adams-Des Plaines LLC is building the tower, which will include 10,000 sf of retail space.

The construction is considered unique, as it will be built around the façade of a loft building at the site.The project proceeds despite 950 West Loop condominium units unsold at the end of the first quarter, according to Appraisal Research Counselors Ltd.’s most recent “Downtown Residential Benchmark Report.”

“We were able to be flexible in our underwriting because we were encouraged by the steady absorption of sales at the project and comfortable with the support of an independent mezzanine lender,” says Corus Bank SVP John R. Markowicz.

The site was acquired in November 2002 for $7.2 million, according to property records.