Waterton closed on a $16 million preferred equity investment for the development of the Residences at Eastbank, a five-story, 258-unit, mid-rise apartment building at 100 N. Broadway in downtown Aurora, Illinois.
The project is sponsored by Chicago-based firm DAC Developments with additional support from the City of Aurora. The investment was arranged by Wheaton, Illinois-based Geneva Capital Group, which also provided the $45 million senior loan for the project on behalf of its bank syndication program. Construction began in May 2024, and is expected to be completed in 2026.
Situated in the heart of downtown Aurora, the Residences at Eastbank is a fully entitled multifamily development and will rise on the eastern edge of the Fox River adjacent to Aurora Transportation Center with Metra service to downtown Chicago.
The location is walkable to many retail, dining and entertainment options and floorplans will include a mix of studios, one-, two- and three-bedroom residences with private balconies on roughly half the apartment homes. Amenities will include an outdoor atrium with a resort-style pool, fitness center and outdoor seating fronting the banks of the Fox River adjacent to the Fox River Trail. The property will also feature an indoor parking garage with more than 300 parking spaces.
