Tuesday, September 4, 2018

Condo Building at 1802 S. State Secures Loan

Looks like a (smaller) condo development is getting underway now that their loan is secured (via Real Deal):
Journey’s End Development has secured a construction loan for its planned 39-unit condominium building in the South Loop, a project that was allowed to begin earlier this summer.

Heartland Bank and Trust provided the $18 million loan for the four-story masonry property set to rise at 1802 South State Street, according to Cook County property records.

Colorado-based Journey’s End, whose portfolio also includes higher-end residential developments, is advertising one- to three-bedroom units for its lone Chicago property. Ten of the condos are already under contract, and the remaining 29 are listed between $390,000 and $545,000.

We first heard about this back in February of 2017.  We recently drove by this location and the building that was there was gone and seems like they're ready to roll.

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