Mar 25, 2026

CMK Properties Secures $83M Loan for South Loop Tower at 1010 South Wells Street

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CMK Properties secures $83 million construction loan from Wintrust Bank
First phase of Riverline development now rising in Chicago’s South Loop
21-story tower to deliver 388 residential units with retail and riverwalk access

What the Financing Means for Riverline Development

Securing full construction financing marks a major milestone for the Riverline development as CMK Properties pushes forward with its first tower at 1010 South Wells Street. The $83 million loan from Wintrust Bank replaces earlier uncertainty and confirms the project is fully capitalized through completion. Construction is already underway, with the building rising above street level and a tower crane now installed. This transition from predevelopment to vertical construction signals strong lender confidence and positions the project firmly in the execution phase.

Why CMK Properties Is the Key Name to Watch

CMK Properties is the master developer behind Riverline, a multi-phase project that has been in planning for years. Their decision to revive the project in 2024 and move forward with updated designs shows long-term conviction in the South Loop submarket. For storytelling and investor framing, CMK Properties is the most important name tied to this deal. They control the broader development vision, not just this single tower, making them the central driver of value creation across the site.

What the Project Scale Means for South Loop Supply

The first building will rise 21 stories and include 388 residential units across a mix of layouts. The tower will sit atop a three-story podium containing parking, amenities, and ground-floor retail. The inclusion of nearly 3,000 square feet of retail space and direct integration with the riverwalk adds a mixed-use component that enhances both tenant experience and long-term asset value. Designs by Gensler feature a glass façade with angled window bays, positioning the building as a modern addition to the South Loop skyline.

What Future Phases Mean for Long-Term Growth

This tower is only the first phase of Riverline. A second building at 910 South Wells Street is already planned, with permits in progress for a 28-story tower that will add another 350 residential units. This phased approach allows CMK to scale development over time while responding to market conditions. It also reinforces the broader transformation of the South Loop into a dense, mixed-use residential district.

What This Means for Investors and the Market

The combination of secured financing and active construction highlights continued momentum in Chicago’s multifamily sector, particularly in core urban neighborhoods. For investors, this deal underscores two key themes: lender appetite remains for well-located projects, and large-scale master planned developments continue to shape supply in major cities. Projects like Riverline are not just individual buildings. They are long-term plays that can redefine entire submarkets.

#Chicago #Mixed Use #Multifamily #Development Site

Published: Mar 25, 2026Last updated: March 25, 2026