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Taris Real Estate lands $23 million loan for envelope-pushing West Loop condo project
The project contains a penthouse that broke a pricing record for the neighborhood
Taris Real Estate just got a $23 million shot in the arm for its condo project at 900 West Washington Boulevard in the West Loop.
According to public records, a loan from Heartland Bank and Trust Company will help take the 22-unit development through construction. It’s expected to be completed by this summer.
Pricing for the project indicated Taris is targeting a caliber of buyer that is largely new to the neighborhood.
Several units are already under contract, and a $5.6 million penthouse set a record price for the increasingly tony neighborhood when it went under contract last year. Other listings in the building range from $1.4 to $3.6 million.
The penthouse unit’s asking price penciled out to more than $1,100 per square foot – a number rarely seen outside of the city’s more established high-end neighborhoods.
According to Redfin, the median sale price per square foot in the West Loop is $382, which is up 11.3 percent over the past year. –Scott Klocksin