Shapack Partners And CRG Obtain $84M Loan For Chicago Multifamily Tower

The 29-story, 308-unit apartment tower located at 220 North Ada Street in Fulton Market, Chicago is set to undergo construction with the help of an $84 million construction loan. Paige O'Neil from Shapack Partners and Shawn Clark from CRG obtained the loan from Pacific Life Insurance Company. With construction scheduled to begin in March, the project is expected to be completed by early 2026. This development stands out as one of the few new residential deliveries in Chicago that year, considering the challenging lending climate and high interest rates.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $84,000,000
• Units: 308
• Market: Chicago
• Lender: Pacific Life Insurance Company
• Landlord: Paige O’Neil - Shapack Partners; Shawn Clark - CRG
• Loan Type: Construction Loan

Paige O'Neil from Shapack Partners and Shawn Clark from CRG successfully secured an $84 million construction loan from Pacific Life Insurance Company for their 29-story apartment tower project at 220 North Ada Street. This loan will enable them to bring this residential development to life in an area known for its vibrant Fulton Market. The project is expected to make a significant contribution to the Chicago real estate market, delivering much-needed residential units amid challenging lending conditions. Construction is scheduled to commence in March, with completion anticipated by early 2026.