CHICAGO, June 24 /PRNewswire/ -- A spectacular high rise residential
condominium -- Catalyst -- will be taking shape in Chicago's West Loop,
thanks to an $8.36 million loan from Kennedy Funding, Inc. The
Hackensack-based company recently closed that deal with Catalyst 123, LLC's
Gary A. Rosenberg, a well-known Chicago developer who founded Urban R2, the
site purchaser.
Rosenberg contracted with renowned architect Lucien Lagrange to create
a building with dramatic angles and distinctive colorful exterior. Once
built, Catalyst will offer 217 residential units from the fifth to the 21st
level, a three-level, enclosed parking garage with 225 spaces, and more
than 15,000 sq. ft. of ground-level retail space. The 22nd floor will house
a patio, party room, meeting room, exercise facility and more amenities --
including a massage therapy room, sauna, and Jacuzzi -- to appeal to the
ever-growing population choosing the downtown lifestyle. The pet-friendly
Catalyst also offers an indoor dog run. With its prevalent loft buildings
The West Loop of Chicago is fast becoming the Midwest counterpart of New
York's Soho, with galleries, restaurants, and clubs. The area is accessible
from every point in the city by car, bus, train or subway.
"Gary Rosenberg's reputation as a seasoned real estate professional and
quality developer precedes him, and the location, just minutes from the
city's central commerce area make this the kind of urban venture that
warrants funding," says Jeffrey Wolfer, president and Co-CEO of Kennedy
Funding.
Urban R2's loan collateral at the corner of Des Plaines St. and
Washington Blvd. comprises 34,269 sq. ft. of surface area representing six
tax parcels. Currently the site operates for public parking and is 100%
level and ready for development. The area, originally zoned as a Downtown
Mixed Use District, now carries Residential Business Planned Development
designation, allowing the planned project to enter its first phases.
Says Jeffrey Wolfer, "Based on the pre-construction marketing, the
aesthetic design by Mr. Lagrange, the floor plans and quality of materials
and appliances within the units, Urban R2 already has sold a third of the
condominiums, which start in the low $200s and go to over $1 million for
penthouses. Walgreen's already has committed to lease a street-level space
and other retailers have spoken for almost all of the remaining retail
space on a pre-lease basis. Our investigation of the collateral, project's
components and Urban R2's documented success with other buildings such as
600 N. Fairbanks contributed greatly to our decision to fund Catalyst.
Many traditional lenders spend several months to investigate potential
clients and -- even when the collateral is excellent and reputations are
solid -- turn them down because of the uncertainty in today's environment.
With its creative approach, Kennedy often comes through in short order. A
team of advisors in the field -- throughout the United States, in Europe,
and in the Caribbean -- provides just-in-time reports, allowing Kennedy to
close loans with qualified applicants in days.
"Of course we depend on the numbers, the square footage of collateral,
the promise of sales," he says, "but we take the extra step of
personalizing our loans, allowing our funds to dovetail with each
borrower's vision. It's that individualization that has earned us repeat
clients and has impelled many of our current clients to refer others." Some
of Kennedy's largest loans are based on raw land collateral, where,
according to Wolfer, "our expert evaluators are able to define the
potential as well as the value."
Kennedy's quick loan commitment can occur in as little time as two
days, with closings as fast as five and a loan-to-value ratio reaching 65%.
The company provides funds for commercial property acquisitions and
refinancing, development and construction, bridge loans, bank workouts,
hard money, and bankruptcies and foreclosures.
Borrowers can initiate the loan process on the Kennedy website:
http://www.kennedyfunding.com
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[Via Real Estate Newswire]
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