Chicago Condo Directory

September 2, 2010 - With the Chicago real estate market still moving at a slow pace and sales of Chicago condos still not back up to anywhere near the pace of a couple of years ago, Ronald Shipka Sr. and Richard Stein of Mesirow Financial are considering renting out the empty units at Walton on the Park. The pair also have given up plans to build the second tower of the project. In a recent Crain’s article the developers did share some good news in that they have gotten an extension on the construction loan for the project.

There are 201 condos in the single 31 story high-rise of Walton on the Park. Of those, 103 have sold, with 22 closed and completed and 81 under contract but not yet closed. If the second tower had been built, there would have been 385 units at Walton on the Park. New plans for the site entail building a smaller retail structure.

The $129.5 million construction loan was taken out from Corus Bank in 2008. When Corus went under, ST Residential bought the failed bank’s assets. How much is still owed on that loan isn’t known, according to the article. But it was to come due in January 2011. The new extension now puts the payback date in March 2011 with the option to extend it to September of 2012.

Not all of the buyers are happy about the potential rental option. Two are suing to be let out of their contracts.

With still near record numbers of Chicago condos for sale right now, Walton on the Park certainly isn’t the only development to rent out unsold condos until the market improves.

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