Related Midwest has been provided a $75 million loan, led by Citizens Bank, to finance the land acquisition and development for its new 30-story apartment and retail building in Chicago’s West Loop neighborhood.
The 466,000-square-foot complex will be located at 1035 W. Van Buren and will include 300 apartment units, 30,000 square feet of amenity space, 12,000 square feet of retail space and 330 parking spaces.
News of Related Midwest’s acquisition of the site broke in February 2015 with New York architect Morris Adjmi was said to serve as designer and Chicago-based GREC as the architect of record.
Citizens was Lead Left Arranger and Administrative Agent on the transaction with SunTrust as Joint Lead Arranger.
The firm reportedly broke ground on the project back in March and has been keeping busy since then with other projects in the works, showing no signs of stopping any time soon.
Related Midwest also has several shovels in the dirt in Streeterville, where construction is underway for the 67-story apartment tower, One Bennett Park.
In addition to these highly anticipated apartment developments, Crain’s reported earlier in May that the firm has also signed on to be a part of a multibillion-dollar joint venture that plans to develop a neighborhood on a 62-acre land southwest of Clark Street and Roosevelt Road that will link Chicago’s South Loop and Chinatown.