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.