Joint Venture Of Focus Development, Melrose Ascension Capital, And DAC Developments Secures $96M Loan In Chicago

A joint venture of Focus Development, Melrose Ascension Capital, and DAC Developments is developing a 287-unit multifamily apartment tower located at 1221 West Washington Boulevard in Chicago’s West Loop. The project encompasses 19 stories and is expected to be completed in late 2026. It will offer a combination of studio and two-bedroom apartments, alongside 3,000 square feet of retail space, with rental prices starting at approximately $1,799 per month.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $96,000,000
• Loan Amount: $71,600,000
• Preferred Equity Amount: $23,900,000
• Lender: CIBC
• Equity Provider: Heitman
• Landlord: Tim Anderson - Focus Development
• Landlord: Nick Melrose - Melrose Ascension Capital
• Landlord: Daniel Rezko - DAC Developments

The financing for the project includes a substantial construction loan provided by CIBC and preferred equity from Heitman, facilitating the joint venture's ambitious development plans for this prominent location in Chicago's multifamily market.