Rendering of proposed building

Roosevelt finances proposed Loop building

Roosevelt University has obtained financing for a 32-story building at 421-25 S. Wabash Ave. that would house classrooms, offices and housing for 600 students. The university has hired architecture firm VOA Associates Inc. for the $110-million project, which is being financed with about $184 million in bonds issued through the Illinois Finance Authority. Bond proceeds also are being used to refinance existing debt. Construction is to begin in February, and the building is slated to open in January 2012. The ambitious project has come at a cost, with two credit ratings agencies downgrading the university in part because of excessive debt. Fitch Ratings reduced its rating of the university’s debt one level to BBB+, from A-, while Moody’s Investor Service also cut its rating one level to Baa2, from Baa1.

Crain’s

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