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BACK IN FRONT
May 16, 2011
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| Young homebuyers are helping The Front Street Lofts reach their close-out after the recession hit the suburban condo project hard, says the Marquette Cos' Jeff Prosapio, here with The Lofts' sales manager Kristin Coultas. The Lofts were originally planned in Lemont in 2006 and had contracts signed for 56 of the 82 units by the end of 2007. But the project fell upon hard times when its contractor slowed down and then went out of business at the end of 2008. The construction lender told Marquette they would sell the note on the project shortly after it was finished but told Jeff if the company cooperated, it could bid on its own loan. They bought back the loan in a JV, allowing them to cut unit prices by half. | |
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| Although just 10 of the original contracts closed, the one- and two-bedroom loft-style units are now approaching 80% sold with 62 units occupied. Jeff says the first-time homebuyer tax credits, coupled with the ability to sell units at a drastic discount (as low as $134k for a one-bedroom) has helped. Most of the buyers at Front Street Lofts have been young singles or couples who want to remain in the 'burbs close to their families. Marquette is still working with NAI Hiffman to lease or sell 18k SF of retail on the buildings' ground floor. Front Street Cantina and JP Morgan Chase already have space. |
