Third Coast, ZSD Land $44M Construction Package for River North Luxury Tower

Key Points:

• $44.1M total capital stack for 149-unit River North project
• $38.1M senior construction loan from CIBC plus $6M preferred equity
• Delivery targeted for March 2027 in prime Chicago submarket

The Financing

JLL arranged $38.1 million in senior construction financing and $6 million in preferred equity for 310 West Huron, a 149-unit luxury apartment development in Chicago’s River North neighborhood. The three-year construction loan came from CIBC, while N3 Capital Management provided the preferred equity. The borrower is a joint venture between Third Coast Real Estate and ZSD. For sponsors, securing both senior debt and pref equity in today’s tighter lending environment signals lender confidence in River North fundamentals.

The Project

Located at 310 West Huron, the nine-story, 134,000 square foot building will include studios, one and two-bedroom units. The unit mix also features 11 two-story residences with private patios, catering to renters seeking more townhouse-style layouts. Amenities are designed to compete with newer Class A products in the submarket. Plans call for a rooftop lounge with a fitness center, coworking space, ground-floor coffee bar, and outdoor deck with grills. The project will also include 3,700 square feet of street-level retail and 21 parking spaces. Construction is already underway, with completion slated for March 2027.

Why River North

River North remains one of Chicago’s strongest multifamily submarkets, driven by walkability, restaurant density, and proximity to the Loop. Luxury product continues to command premium rents relative to other city neighborhoods. For investors, the deal reflects a broader theme. While capital markets remain selective, well-located urban infill developments with strong sponsorship can still secure structured financing packages.

The Takeaway

Even in a higher-rate environment, institutional lenders are backing luxury multifamily in core Chicago neighborhoods. With a layered capital stack and 2027 delivery timeline, 310 West Huron positions Third Coast and ZSD to deliver into what many expect to be a more stabilized downtown rental market.