North Park Ventures and SNS Realty Secure Foundation Permit for 99-Unit Chicago Apartment Project

• $28.35 million financing: North Park Ventures and SNS Realty Group secured a loan from Associated Bank to fund development and site acquisition.
• 99 apartments planned: The five-story building will include 84 market-rate units and 15 affordable apartments.
• Foundation permit issued: Construction can advance at the former Torstenson Glass site, with completion targeted for 2027.
• Project address: 3233-3247 North Sheffield Avenue, Chicago, Illinois.

What Are North Park Ventures and SNS Realty Building?

North Park Ventures and SNS Realty Group are advancing a new five-story apartment development at 3233 North Sheffield Avenue after receiving a foundation permit. The site, formerly occupied by Torstenson Glass, sits between Belmont Avenue and School Street, directly beside Chicago's CTA elevated train tracks. Designed by 2rz Architecture and SGW Architecture & Design, the project will deliver 99 apartments, replacing an existing industrial property with new residential inventory in the Lakeview area. The unit mix includes six studios, 44 one-bedroom apartments, and 49 two-bedroom units. The development will also include 25 vehicle parking spaces and 50 bicycle spaces.

 

 

What Does the $28.35 Million Loan Cover?

Associated Bank provided $28.35 million in financing to the development joint venture, including funds for acquiring the site. The developers previously closed on the property for $6.25 million. The financing gives the project a significant capital foundation as construction moves forward. The foundation permit follows demolition of the former buildings, clearing the way for the general contractor, D.O.M. Properties Investment, to begin the next stage. For investors, the deal highlights how lenders continue to finance well-located multifamily developments with defined unit counts and access to public transportation. The loan supports both acquisition and development, although final project economics will depend on construction costs, leasing performance, and operating expenses.

What Amenities and Affordable Housing Will the Building Offer?

The project will include 15 affordable apartments under Chicago's Affordable Requirements Ordinance, with the remaining 84 units designated as market-rate housing. Planned resident amenities include a club room with coworking space, a wellness center with a sauna, a rooftop deck with a dog run, and bicycle storage. Parking will be located at the rear of the property along the alley. The development's proximity to the Belmont CTA station, which serves the Red, Purple, and Brown lines, is a key location advantage. Transit access can broaden the renter pool by providing connections to downtown Chicago and other employment centers without requiring every resident to drive.

What Does the Project Signal for Chicago Multifamily Investors?

The development is moving ahead as Chicago's apartment market continues to show relatively strong operating fundamentals. Cushman & Wakefield reported 94.9% metropolitan multifamily occupancy in the second quarter of 2026, above its 93.8% ten-year historical average. Effective rents rose 3.2% year over year, even as apartment deliveries increased and absorption slowed. Those market conditions make location and execution particularly important. A transit-oriented property with a mix of one- and two-bedroom apartments may appeal to renters seeking access to neighborhood amenities and major employment centers, but new supply and construction costs remain important risks. With its foundation permit issued and completion targeted for 2027, the Sheffield Avenue project is another example of Chicago developers converting underused urban sites into income-producing residential properties.