facebook
TradedTraded
    Home
    Search
    Closings
    Listings
    On Market
    Off Market
    Add a listing
    Vaults
    shh
    Rankings
    News
    Data
    Socials
    More


Messages

Go Pro
+ Submit+ Submit a Deal
Home

/

Deals

/

Illinois

/

Development Site

/

Loan

/

566 West Van Buren Street

Riverside Investment & Development Secures $64 Million Loan For Chicago Development Site At 566 West Van Buren Street
FINANCEDDevelopment Site

Riverside Investment & Development Secures $64 Million Loan For Chicago Development Site At 566 West Van Buren Street

566 West Van Buren Street

$64,000,000

Building Size

Asset Type

Development Site

Closing

Apr 9, 2026

AI

A construction loan of $64 million has been secured for a development site at 566 West Van Buren Street in Chicago. The project involves the construction of an $85 million, 199-unit apartment complex. This site is situated in a market experiencing limited new multifamily supply.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $64,000,000
  • Address: 566 West Van Buren Street
  • Market: Chicago
  • Asset Type: Development Site
  • Loan Type: Construction
  • Landlord: John O’Donnell & Mike Potter - Riverside Investment & Development; Craig Golden - Blue Star Properties
  • Broker: Draper and Kramer

This financing arrangement by Draper and Kramer aims to revive a previously stalled development in the West Loop, showcasing a positive shift in capital access within the current real estate landscape in downtown Chicago.

Players

Draper and Kramer
Draper and KramerBrokerage

John O’Donnell

Riverside Investment and Development

Landlord

$64M

vol

2 deals

Landlord

Chicago Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.25%

Cash-on-Cash

-0.07%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93