Intercontinental Real Estate Corporation Secures $145M Construction Loan For Porte Apartments In Chicago's West Loop With Lender Wells Fargo

The Porte Apartments in Chicago's West Loop have secured a $145 million construction loan from Wells Fargo's Multifamily Capital. The property, owned by Intercontinental Real Estate Corporation, offers 586 units, including affordable housing options. It is located at 845 West Madison Street and boasts amenities such as an outdoor pool and fitness center.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $145,000,000
• Units: 586
• Lender: Wells Fargo
• Landlord: Intercontinental Real Estate Corporation
• Date: 08/11/2023
• Market: Chicago

Wells Fargo's Multifamily Capital played a key role in securing the $145 million construction loan for the Porte Apartments. The loan has a 5-year fixed-rate term with four and a half years of prepayment, providing the sponsor, Intercontinental Real Estate Corporation, with short-term fixed-rate financing. This funding will support the development and construction of the property, which offers a range of units, including affordable housing options, in a prime location in Chicago.