950 W. Monroe hits 70% sold

MR Properties has sold more than 70 percent of the units at 950 W. Monroe and with construction proceeding at a rate of two floors a month, the West Loop condo project is on track for first occupancy in spring of 2005, according to the developer.

“Although sales have passed the 70 percent mark, choice residences with breath-taking cityscape views of the Loop are available,” said Philip Mappa, a partner in MR Properties.

The nine-story mid-rise has 99 condos priced from the $370s to the $480s. All units have two bedrooms and two baths, and some also have dens. Features include ceiling heights of nearly 10.5 feet, exposed concrete and oak floors in living areas, Canac custom cabinetry, Moen fixtures and stackable washers and dryers. Penthouses have 11.5-foot ceiling heights, stainless steel appliances, Canac 42-inch custom cabinets and marble baths with six-foot whirlpool tub.

Building amenities include a state-of-the-art private fitness center, a business center, door staff, private storage space and indoor deeded parking.

At press time, the developer was offering a couple of incentives for buyers, including a free parking space and upgrades on two selected “homes of the month” and a home loan “rate lock” that guarantees current low interest rates for up to seven years.

“Under this unique rate-lock program, we are paying origination and commitment points,” Mappa said. “The only costs to the buyer are the normal closing fees and appraisal fees. The interest rate quoted to the borrower at the time of purchase is fixed for up to seven years, but could be less if rates haven’t increased at the time of closing.”

A new sales center for 950 W. Monroe, www.950WestMonroe.com, is open at 1000 W. Monroe, Suite 1W.

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