“We’ve seen a dramatic change in the last couple months, but I assumed that was more because we were delivering product. But in talking to other developers and real estate agents, I’ve heard across the board that it’s been a good summer.”
– Colin Kihnke, president of CMK Companies, speaking to Crain’s about the news that downtown condo sales rose dramatically in the second quarter of 2009 compared to the first quarter.
CMK has closed on more than 100 of the approximately 440 units under contract at 235 Van Buren, and only nine contracts in the building have been canceled, Crain’s reports, drawing a sharp contrast to a recent Sun-Times article claiming the building was plagued with walkaways.
Unlike some projects whose loans are coming due this year, 235 Van Buren’s two loans from Cole Taylor Bank will not mature until early 2011, with options to extend through 2013, according to the article.