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
Chicago 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
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93