Ranquist secures loan for Lincoln Park mixed-use project


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JLL announced today that it has arranged $97.5 million in financing for the development of the second phase of Atlantic Station, a luxury mixed-use residential and retail property in downtown Stamford, Connecticut. JLL worked exclusively on behalf of the developer, RXR Realty, to secure the floating-rate construction loan through Bank OZK.

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Ranquist plans to develop Basecamp Old Irving Park, a development of 50 single-family homes, on the site. Phase 1 of the project is already 50% sold with seven of 14 homes under contract.

after being unable to sell the homes and pay off his mortgages. In both cases, his lenders bought the homes at auction but are still losing money on the loans. [Chicago Tribune].

we are confident that we can secure a construction loan," says Cassel. He expects ground to break in fall 2012, and he says it’ll take about 18 months to build the Studio Gang-designed development.

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Lincoln Park has a number of apartment projects in the works, including a plan by CRM Properties for some 500 units in a mixed-use project in the Clybourn Corridor, not far from where Structured.

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The JV partners purchased the industrial property at 1300 Flushing Avenue for $46 million in April and plan to convert it to a Class A mixed-use. between Lincoln Property Company and Alcion.

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JLL Secures Loan for San Diego Condominium Project. Class A office building in Lincoln Park; Elevate Lincoln Park, an 11-story, 191-unit, mixed-use development located at 930 West Altgeld St.

JV Secures Construction Loan for 320-Unit MF Project in Atlanta,Atlanta News Luxury home builder Toll Brothers Apartment Living and an affiliate of global investment firm The Carlyle Group announced the formation of a joint venture to develop Osprey, a 320-unit apartment community in Atlanta’s West Midtown neighborhood.

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The loan-the biggest local construction mortgage since the builders of a luxury Lincoln Park condo reeled in $170 million three years ago-will end an agonizing six years since a development.

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