Related Midwest Secures $500M Construction Loan For Two-Tower Residential Development At 400 North Lake Shore Drive In Chicago
$500,000,000
Building Size
—
Asset Type
Development Site
Closing
Jan 17, 2024
AI
Related Midwest's Chicago office, led by Curt Bailey, secures a $500 million construction loan from the Illinois Housing Development Authority for a two-tower residential development located at 400 North Lake Shore Drive in Chicago. The loan will support the construction of a 72-story, 635-unit apartment building and other amenities, with completion expected in Spring 2027.
Summary of transaction details
- Property Type: Development Site
- Loan Amount: $500,000,000
- Lender: Kristin Faust - Illinois Housing Development Authority
- Landlord: Curt Bailey - Related Midwest
Curt Bailey, representing Related Midwest, successfully secured the $500 million construction loan for the residential development. The financing is being provided through tax-exempt bonds from the Illinois Housing Development Authority. The project aims to transform the site of the canceled Chicago Spire into a 72-story apartment building, offering 635 units and various amenities.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93