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© Jake Tasharski | Chicago | Illinois

JAKE TASHARSKI IS A REAL ESTATE AGENT AFFILIATED WITH COMPASS, A LICENSED REAL ESTATE BROKER WITH A PRINCIPAL OFFICE IN CHICAGO, IL, AND ABIDES BY ALL APPLICABLE EQUAL HOUSING OPPORTUNITY LAWS. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATIONAL PURPOSES ONLY. INFORMATION IS COMPILED FROM SOURCES DEEMED RELIABLE BUT IS SUBJECT TO ERRORS, OMISSIONS, CHANGES IN PRICE, CONDITION, SALE, OR WITHDRAWAL WITHOUT NOTICE. NO STATEMENT IS MADE AS TO ACCURACY OF ANY DESCRIPTION. ALL MEASUREMENTS AND SQUARE FOOTAGES ARE APPROXIMATE. THIS IS NOT INTENDED TO SOLICIT PROPERTY ALREADY LISTED. NOTHING HEREIN SHALL BE CONSTRUED AS LEGAL, ACCOUNTING OR OTHER PROFESSIONAL ADVICE OUTSIDE THE REALM OF REAL ESTATE BROKERAGE.

Big Payout for Related's First Chicago Rental Project

April 16, 2014

Related Midwest has pocketed over 75 million less than a year after opening 500LSD - and they didn't even have to sell! By simply refinancing their mortgage they were able to pay off their massive construction loan and pocket the hefty difference. 

 

Profits like this are often made when these buildings are sold outright. However, when property values are on the rise a simple refinance might just do the trick. With 111 Wacker slated to open this summer there could be another big payout for Related in the coming year. 

 

My concern is whether the values will continue to rise if the building boom continues and the market is glutted. Only time will tell but so far the early birds (first properties to open) are getting the worm. 

 

Read more at: http://www.chicagobusiness.com/realestate/20140416/CRED03/140419826/related-pockets-big-sum-in-175-million-apartment-refinancing?r=6112G2595690E4Z

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