Third Coast Real Estate And ZSD Secure $44M Loan For Development Site In Chicago

The property asset involved in this transaction is a development site located at 310 West Huron Street in Chicago. This project features a total of 149 residential units, comprising studio-to-two-bedroom configurations, within a nine-story structure. Furthermore, the development includes 3,700 square feet of retail space and 21 dedicated parking spaces. The overall investment for this project is $57 million, which has been secured through a construction loan and preferred equity financing.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $44,100,000
• Lender: CIBC
• Additional Funding: N3 Capital Management
• Landlord: Reed Edwards - Third Coast Real Estate
• Landlord: Zev Salomon - ZSD Corp
• Broker Representatives: Christopher Knight, Mary Dooley & Ryan Planek - JLL
• Delivery Date: March 2027

This development project is notable for being built on a lot that has remained dormant for a decade. The funding structure includes a $38.1 million loan from CIBC along with $6 million in preferred equity from N3 Capital. The project aims to address the limited supply of multifamily housing in the River North neighborhood of Chicago.