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

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.