MANAMA, 6 July 2005 — Arcapita Bank announced yesterday that the bank and its co-investors had entered a joint venture with Elysian Development Group — Chicago, LLC to construct a 60-story high-rise in the heart of Chicago’s Gold Coast. The project will consist of 53 residential units, 183 hotel suites, 14,000 sq.ft. of retail space, a health club and spa, a restaurant and a 110-space subterranean parking garage.
The total value is estimated to be $247 million.
A senior financing facility has been arranged by the joint venture for approximately $183.7 million, or 75 percent of the total construction budget, with LaSalle Bank as lead agent.
Arcapita and its co-investors own 95 percent in the joint venture, with Elysian holding the remaining 5 percent.
Atif A. Abdul Malik, Arcapita’s chief executive officer, said “We are pleased to have formed this joint venture with Elysian, a leading Chicago-based developer which has assembled an impressive development team.”