Donald Trump closed on a $640 million construction loan for Trump International Hotel & Tower, a condominium and hotel highrise planned for 401 N. Wabash, the former site of the Chicago Sun-Times.
Deutsche Bank is the lender for the project, www.TrumpChicago.com, which is estimated to cost $750 million. The ultra-luxury project has seen swift sales – more than $500 million so far – and Trump is adding an additional 70 units.
“Sales for Trump International Hotel & Tower have set records since the project was announced in September 2003, with currently, over 75 percent of the total units sold,” said Tere Proctor, of the Gold Coast office of Koenig & Strey GMAC, director of sales for the development. “We now can offer additional water-view units plus several new floor plans previously not available.”
The developer is adding 11 traditional condos for a total of 472 and 59 hotel condominiums for a total of 286. The conventional units are regular condominiums, although owners can avail themselves of the services of the five-star hotel. The hotel condo units are owned in fee simple and can be rented out through the hotel program to produce income when owners are not in residence.
The 90-story tower also will contain a 60,000-square-foot health club and spa, a conference center, two ballrooms, retail shopping, restaurants, a 1.2-acre riverwalk park and more than 1,000 indoor parking spaces.