The asset involved is a development site located at 227 West Chicago Avenue in the River North area of Chicago. The site is designated for a 10-story, 56-unit apartment project as part of a larger $30 million development initiative. The project will include luxury apartments and 3,000 square feet of retail space, constructed under “as of right” provisions to eliminate zoning delays and affordability mandates.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $23,500,000
• Loan Type: Construction
• Lender: Genesis Capital
• Landlord: Bart Przyjemski - Noah Properties
• Market: Chicago
• Address: 227 West Chicago Avenue

The transaction is led by Bart Przyjemski, representing Noah Properties, who is responsible for the development project. Genesis Capital serves as the lender providing the construction loan necessary for completing the project by 2026 or early 2027.