Construction financing plug pulled for city’s largest condo project at 1000 S. Michigan

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Goldman Sachs has halted construction funding for the $470 million Helmut Jahn-designed tower at 1000 S. Michigan Ave., the city’s largest condominium project.

The Chicago Tribune has reported that the lender has put the 74-story tower on hold until it assesses the real estate market’s strength in September.

The bank is “concerned about economic stability of the market at this particular time due to recent events,” said Francis Greenburger, whose firm Time Equities is developing the project with New York-based JK Equities and Oak Capitals.

Crain’s Chicago Business reported in June that construction work on 1000M’s foundation had stopped as COVID-19 created economic challenges. The developers issued a statement at the time that claimed construction had stopped due to safety concerns, not financial issues.

Greenburger told the Tribune that 101 of 421 units were in contract, with buyers having put 10 percent down. Those buyers are being offered half of their deposits back, though Greenburger said many have declined.
The developers purchased the site for $17.2 million in 2016.

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