A joint venture of Chicago-based developers Focus, Melrose Ascension Capital and DAC Developments secured approxiametrly $96 million in financing to build a 19-story apartment tower in the West Loop.
The development team landed a $71.6 million construction loan from CIBC and $23.9 million in preferred equity from Heitman to develop a 287-unit building at 1221 W. Washington Blvd, reported Crain’s.
The project is one of few new apartment building development in downtown Chicago’s pipeline, amid rising construction costs and financing headwinds.
“There’s demand but there’s no supply coming, and so we really worked very hard to try to put together a capital stack that could meet this need and we were successful, but it’s difficult to do,” said Tim Anderson, president and CEO of Focus.
The rest of the equity funding the project comes from the development team and their partners, per the outlet. The project is expected to be completed in 2026, and the building will feature a mix of studio, one- and two-bedroom units and 3,000 square feet of ground-floor retail space.
The post Developers Secure $96M Financing for West Loop Apartment Project appeared first on Connect CRE.
