Winthrop Properties, in conjunction with New Century Bank, has announced a new program that allows first-time homebuyers to purchase a home with just 5 percent down at One One One Morgan, a new-construction loft community located in the West Loop.

"A lot of prospective first-time homebuyers that we've encountered have the income to make monthly mortgage payments, but have difficulty financing a down payment," said Bob Horner, a principal of Winthrop Properties. "Part of the problem is people are paying such high rents that they can't afford to buy, and because they can't afford to buy, they're stuck paying high rents. But with the 5 percent down program at One One One Morgan, first-time buyers can break out of that frustrating rent cycle and become homeowners."

Located at Morgan and Adams streets, One One One Morgan includes 166 condominiums with one to two bedrooms plus den, one to two baths and 680 to 1,535 square feet. A three-bedroom, 2,376-square-foot duplex penthouse is also available. Base prices range from $165,900 to $425,000, and the penthouse is priced at $699,000. Deeded, indoor parking is $25,000 per space.

To qualify for the 5 percent down program, homebuyers must first certify that they have not owned a home within the previous three years and that One One One Morgan will serve as their primary residence. Homebuyers must also get pre-qualified for a mortgage through New Century Bank, although they may seek an actual mortgage from other sources.

"Obviously, homebuyers can shop around, but New Century Bank offers attractive rates and a level of service that makes the transition from renter to homeowner a smooth one," said Horner.

According to Horner, the 5 percent down program is particularly relevant in the West Loop market, as the neighborhood continues to attract buyers looking for an alternative to rising prices in lakefront neighborhoods such as Lincoln Park, Lakeview, River North and the Gold Coast.

"The cost and availability of homes on the Near North Side might be prohibitive for a lot of first-time buyers, but the West Loop is still relatively affordable. It's ideal for first-time buyers looking to start building equity," said Horner.

Buyers at One One One Morgan can choose from 41 floor plans with classic loft elements such as 10' exposed concrete ceilings, exposed ductwork and columns, open layouts and partial-height walls. Homes also offer private balconies or decks, computer niches, walk-in closets and deluxe baths with separate showers, per plan

According to Ibrahim Shihadeh, co-principal of Winthrop Properties, the upscale standard features and affordable upgrades are a big selling point for first-time buyers at One One One Morgan.

"Homes at One One One Morgan come with granite countertops, big balconies and fireplaces, and you don't have to pay a lot to add upgrades like imported Italian cabinetry and stainless steel appliances. So buyers can really get a move-up quality home in a first-time-buyer price range," said Shihadeh. "It's one of the best values in the West Loop."

Standard features include hardwood flooring in the foyer, kitchen and living area; track lighting; 1½" Italian granite kitchen countertops; ventless gas fireplaces with a custom millwork surround; washer/dryer hookups; and central heat and air conditioning. Units are pre-wired for three telephone, cable and satellite television locations, per plan.

Kitchens come with 42" cabinetry, a stainless steel double-bowl sink, refrigerator with icemaker, built-in dishwasher, gas range with self-cleaning oven, disposal and built-in microwave.

Baths include 12" by 12" ceramic tile flooring; ceramic tile wall, tub and shower surround; full-width mirror; halogen strip lighting; and a 5' soaking tub.

Available upgrades include imported Italian kitchen cabinetry and bath vanities, mosaic tile backsplashes, crown molding and a stainless steel apron for kitchen islands.

The One One One Morgan sales center features a decorated kitchen/living area vignette, which displays a number of standard features and options.

Building amenities include a 24-hour doorman; stone-tiled lobby and foyer; state-of-the-art, high-speed elevators; high-rise fire-protection system; maintenance-free, insulated glass sliding doors and windows; and individual storage.

Located in the heart of the West Loop, One One One Morgan is near restaurants, nightlife, public transportation and expressways.

The sales center is at the southeast corner of Jackson and Morgan streets. To reach the sales center, take Interstate-90/94 to Adams, go west to Morgan and south to Jackson. Hours are 12 p.m. to 6 p.m. daily. For more information, call (312) 421-0111 or visit www.111Morgan.com.

Winthrop Properties is a joint enterprise of developers Bob Horner and Ibrahim Shihadeh. Horner and Shihadeh share more than 40 years of real estate experience, during which time they have built and sold more than 5,000 homes.

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