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Chicago & Midwest  + Downtown  + Finance  | 
1000M apartment tower Chicago

Goldman Sachs Pauses Financing on 1000M Supertall

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.

For comments, questions or concerns, please contact Paul Bubny

Connect

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Development
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