National Cooperative Bank (NCB), a leading financial services company dedicated to serving cooperatives and housing communities nationwide, provided $10.5 million in financing for the historic Lake Point Tower Condominium, located in downtown Chicago, IL. Jared Tunnell, a Vice President with the division at NCB that focuses on loans and cash management solutions for housing communities, arranged the loan for the condominium community.
The $10.5 million loan will fund a large hallway repair/replacement project including carpeting, paint and art work at the 68-story residential condominium, which was completed in 1968.
Gracing the Chicago skyline for over 45 years, Lake Point consists of a 2.76-acre parcel of land and a tower constructed above a two-story rectangular base containing residential units and common areas, commercial spaces, parking garage and a laundry facility.
The property currently has 758 units and numerous amenities for the owners, including an outdoor private park, a state-of-the-art fitness center, an indoor pool, sauna and steam rooms, playground, racquetball court, bicycle storage, 24-hour concierge and security, two waterfalls with seating areas in the lobby and an activity/meeting room with free Wi-Fi.