DEVELOPER SECURES $115M LOAN TO FINISH 60-STORY TOWER

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CHICAGO — Related Cos. has secured a $115 million construction loan that will enable the developer to build an apartment tower at 111 W. Wacker Drive, which has been sitting unfinished for years. U.S. Bank provided the loan to finance construction of the 504-unit building. Originally planned to be the fifth tallest building in Chicago, the prior development reached a mere 25 stories before the economic recession halted construction in 2008. In July 2011, Related acquired the building and announced plans to transform the tower into a 60-story luxury rental tower. Demolition is currently under way and vertical construction is expected to start in early 2013 with completion by the spring of 2014.

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