Gold Coast, Chicago, Illinois
W Financial has provided a $29,250,000 first mortgage bridge loan secured by a 16-story, neo-renaissance style condominium hotel property centrally located in the Gold Coast area of Chicago, two blocks west of the lakefront. The borrower has already acquired more than 75% of the condominium units, which is the percentage threshold required to de-convert the building from condominium ownership to fee simple ownership. The borrower plans to purchase the remaining condominium units in order to de-convert the entire property back to hotel use. The borrower plans to repay the W Financial loan with the sale of the property.