Mesa Development LLC and Walsh Investors have paid off the $275.5 million construction loan for The Legacy at Millennium Park, a luxury 72-story condominium high-rise located at 60 E. Monroe St., overlooking Millennium Park in downtown Chicago. The loan was repaid with proceeds from unit closings as well as a new $60.6 million loan provided by U.S. Bank and The Private Bank.
Additionally, the Mesa/Walsh partnership has hired Chicago-based residential brokerage firm @properties to manage sales and marketing for the building, where more than half of the 356 condominiums have been sold to date.
Currently, the Legacy offers one-, two- and three-bedroom floor plans as well as a handful of penthouse residences ranging from 875 to 9,301 square feet. Prices range from the high-$300,000s to $6 million.
The new loan is believed to be the largest – and one of the only – refinancings of a condominium construction loan in downtown Chicago since the credit pipeline for condominium developments shut off in 2008.
Meanwhile, the addition of @properties to the project will give The Legacy at Millennium Park greater exposure among real estate brokers and homebuyers both in the city and on the North Shore, according to Gregory Ciambrone, vice president of Walsh Investors.
Designed by Chicago-based Solomon Cordwell Buenz, The Legacy at Millennium Park was a finalist for the international 2010 Emporis Skyscraper Award and was named the Best New Residential Building of 2011 by Friends of Downtown. The tall, slender tower is shrouded in floor-to-ceiling glass and offers unobstructed views of Millennium Park, Grant Park and Lake Michigan from most units. It also offers an assortment of luxury amenities including an indoor pool and spa, fitness center, two community rooms, sky gardens, 24-hour doorman and on-site concierge.
One unique amenity is a connection to the adjacent University Club of Chicago. A sky-bridge on The Legacy’s 13th floor allows building residents who are club members to directly access the club through its fitness area and squash courts. All Legacy at Millennium Park residents have access to a number of club services, including hotel rooms for visiting guests. The University Club is an independent private-membership club with admission governed by its own policies and bylaws.
