Grand Rapids, MI, August 12, 2005 --(PR.com
)-- The Chicago Capital Management Group has arranged a $26.5 million construction loan to facilitate development of phase I of Icon on Bond, a nine-story, 118-unit condominium development located in the Monroe North area of downtown Grand Rapids, according to Chicago Capital Management’s Managing Director, Michael Gordon.
The financing was placed with a union pension fund and represented more than 90% of total development costs. Construction of phase II, an identical building, is scheduled to begin in the near future due to the strong level of presales for units in phase I.
Chicago-based The Chicago Capital Management Group provides investment management services and also is a leader in debt and equity placement on commercial real estate and international infrastructure projects.