Kuwait Finance House, the country’s biggest Islamic bank, signed a "direct residential real estate investment deal" in Chicago for $242 million, the company said in an e-mailed statement Monday.
As a result of the deal, Kuwait Finance House will own 95 percent of the Ritz-Carlton Residences condo project at Erie Street and Michigan Avenue, while Prism Development Co. of Chicago will own the remaining 5 percent.
In May 2008, Kuwait Finance House agreed to commit $40 million for the project.
The building, which includes 40 floors and more than 80 apartments, will be completed by the end of 2011, the statement said.
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