$26.5 million construction loan arranged for Grand Rapids condominium development
GRAND RAPIDS, Michigan, August 10, 2005 The Chicago Capital Management Group has arranged a $26.5 million construction loan to facilitate development of phase I of Icon on Bond, a nine-story, 118-unit condominium development located in the Monroe North area of downtown Grand Rapids, according to Chicago Capital Management’s Managing Director, Michael Gordon.
The financing was placed with a union pension fund and represents more than 90% of total development costs. Construction on phase II, an identical building, is scheduled to begin in the near future due to strong pre-sales for units in phase I.
Chicago-based The Chicago Capital Management Group provides investment management services and also is a leader in debt and equity placement on commercial real estate and international infrastructure projects.