Associated Bank announced completion of a $59,726,778 loan to Greystar / GS Aberdeen Owner, LLC, for construction of a 223-unit, 20-story apartment building at 166 North Aberdeen Street, Chicago.
The project, which will be constructed on a 0.6 acre parcel that was the former site of the Fabbri Sausage plant, will also have approximately 3,500 square feet of street level retail. Unit configurations will include 80 studios, 100 units with one bedroom, 37 with two bedrooms and six with three bedrooms. Of the total, 23 will be designated for affordable housing. Unit finishes include quartz countertops, stainless steel appliances, gas ranges and a stackable washer/dryer. A deck with outdoor pool and hot tub, a club room, a dog park and fitness center will round out common area amenities. There will be 74 parking spaces.
Located in heart of Chicago’s Fulton Market district (West Loop), the building is a few blocks from CTA’s Morgan Street “El” station, in addition to McDonald’s headquarters and Google’s Chicago headquarters. Completion is projected for Spring 2023.
Greystar is a global leader in rental housing with expertise in real estate sectors across multiple geographies. The company’s business model is unique in its ability to own, operate and develop collegiate, multifamily, corporate and senior housing around the globe.
Associated Bank was the lead arranger and administrative agent, working with ServisFirst Bank and Old Second National Bank. Edward “Ted’ Notz, a senior vice president with Associated Bank’s Commercial Real Estate Division, handled the loan arrangements and closing.
