July 8, 2020
Construction lender Goldman Sachs has put the 74-story 1000M residential condominium project along South Michigan Avenue on hold until it can be reviewed after a 90-day period ending in September, the Chicago Tribune reported. The hiatus will allow more time to assess the impacts of COVID-19 on real estate demand, according to developers Time Equities, JK Equities and Oak Capitals.
Goldman Sachs is “concerned about economic stability of the market at this particular time due to recent events,” Time Equities CEO Francis Greenburger told the Tribune.
The lender could agree to continue funding the project after the three-month wait, and the development team is exploring other ways to finance the project in the meantime, said Greenburger.
He declined to say how much construction financing Goldman Sachs had agreed to provide for the project, the cost of which has been estimated at $470 million.
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