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Old March 10th, 2008, 08:46 PM   #21
PrintersRowBoiler
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Quote:
Originally Posted by Belacqua View Post
From that article: "the control of other Terrapin projects could be in play. The biggest one is a 298-unit condo building under construction at 710 S. Clark that Terrapin claims is more than 55 percent sold. The building goes by the name Burnham Pointe. . . . Geleerd asserted he was close to selling the Burnham Pointe condo inventory to somebody whose cash would prop up the company."

Um, so what happens if he can't? Really, what the hell happens in a situation like this? Does it just sit there unoccupied until somebody buys the remains and finishes developing it? It doesn't sound like Terrapin will even be around long enough to get the association started and handed over. Does the bank take over?
I would think that Terrapin would eventually have to file for bankrupcy and the remaining units would have to be auctioned off to a developer or individuals.
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Old April 20th, 2008, 06:15 PM   #22
Mr Downtown
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Just a construction update:

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Old April 20th, 2008, 09:15 PM   #23
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I dunno about y'all, but I think the orange color on the paneling matches pretty well to both the Dearborn Park buildings and the two loft buildings in the picture.
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Old April 21st, 2008, 06:43 PM   #24
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I called up the Terrapin offices to find out when they thought they would be delivering units to those under contract, and if there were any confirmations for retail tenants.

They told me that not only are they not signing any new contracts,
but Burnham Pointe is now going to be all rental.

Does anyone know how that will impact their ability to finish the building (will it be a challenge for them to get the financing to finish it?)

Last edited by MilkmanDan7; April 21st, 2008 at 09:05 PM. Reason: got an update
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Old April 22nd, 2008, 05:12 AM   #25
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Does anyone know how that will impact their ability to finish the building (will it be a challenge for them to get the financing to finish it?)
Wow... that is big news. The only condo building currently under construction and planned west of Dearborn, south of Congress, and North of Roosevelt is the retail-anchored Roosevelt Collection.

The building will not go unfinished (it just might take a little longer). Someone will step in and buy it... even if Terrapin has to go to court with the original lenders.
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Old April 22nd, 2008, 05:28 AM   #26
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Quote:
Originally Posted by MilkmanDan7 View Post
I called up the Terrapin offices to find out when they thought they would be delivering units to those under contract, and if there were any confirmations for retail tenants.

They told me that not only are they not signing any new contracts,
but Burnham Pointe is now going to be all rental.

Does anyone know how that will impact their ability to finish the building (will it be a challenge for them to get the financing to finish it?)
Wow, indeed. I wondered what was going on. The sign on the actual development still points you toward the sales office on Polk/Dearborn, which still has the "shut down by the city" sticker on the window. Its been like this for months now. What happens to the people who actually signed a contract in this situation, do they just get their money back??
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Old April 22nd, 2008, 06:35 AM   #27
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Well I signed a contract in July of 2006 for a unit at Burnham Pointe and they have not contacted me about this yet... I found out earlier today from a different blog about the rental thing... My attorney is looking into it. Hopefully, I will get my money back.
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Old April 23rd, 2008, 05:26 PM   #28
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Terrapin seeks to sell condo project to an apartment investor

whole article at http://www.chicagorealestatedaily.co...ws.pl?id=29114

(Crain’s) — Struggling developer Terrapin Properties is openly courting apartment investors for the Residence of Burnham Pointe, a 298-unit South Loop condominium tower that’s nearly finished but has buyers for only about half its units.

Sources say Terrapin plans to cancel purchase contracts for the condos and has hired the Chicago office of Holliday Fenoglio Fowler L.P. (HFF) to find an investor interested in running the 28-story high-rise at Clark and Polk streets as a rental building.

. . .

[T]he question is whether a buyer will be willing to pay more than the roughly $98 million, or about $327,000 a unit, that Terrapin borrowed to finance the project. HFF has not set an asking price, but sources say the broker is aiming to sell the property for about $110 million, or $369,000 a unit . . . the only pure downtown apartment building to sell for more than $300,000 a unit last year was the Streeter, a luxury high-rise in Streeterville that sold for $210 million, or $437,000 a unit. And the real estate investment market has gone south since then, as skittish lenders have curtailed their lending.
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Old April 23rd, 2008, 06:47 PM   #29
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"the only pure downtown apartment building to sell for more than $300,000 a unit last year was the Streeter, a luxury high-rise in Streeterville that sold for $210 million, or $437,000 a unit"

Well, from the business end it would seem they haven't made a lot of right moves so far, why start now?

(has that sales office at Polk & Dearborn been open for 2 consecutive weeks since being completed?)
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Old April 26th, 2008, 06:57 PM   #30
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I didn't have a camera with me, but they're starting to put up the glass balcony railings. They're on the first few floors on the Clark St. side, and look rather nice.
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Old June 15th, 2008, 05:20 AM   #31
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Taken today:
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Old July 14th, 2008, 02:16 AM   #32
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flickr.com - patrickherek

July 7
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Old February 3rd, 2009, 10:32 PM   #33
Mr Downtown
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We should change this to completed. I would say 2008, as that's when the first residents moved in, with only some punchlist stuff left on the exterior by the end of the year.

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