Chicago-based developer Related Midwest has secured a $240 million construction loan to finance its 70-story luxury residential tower in Chicago’s Streeterville neighborhood, according to Crain’s Chicago Business.
The $400 million One Bennett Park building, designed by Robert A.M. Stern Architects, will feature 69 condominiums and 279 apartments. The condos will be priced from $1.85 million to $15 million, making the project one of the most expensive residential buildings in the city.
Related is targeting a completion date of the condos in early 2019 and the apartments in late 2018. Lendlease is the project's general contractor.
Despite a tight construction lending environment, some major projects are still managing to bag jumbo loans.
Earlier this week, real estate group GID and its partner Henley Holding Co pocketed $1.24 billion in construction loans to fund its development of Waterline Square on Manhattan's Upper West Side in New York.
In Chicago, Lendlease and co-developer CMK Companies are working on the $1.5 billion Chicago Riverline project, which will contain a 3,600-unit residential development in the city's South Loop district and along the Chicago River.
Developers are also expected to start work on the 66-story Wolf Point East residential building, designed by architecture firm Pelli Clarke Pelli, early next year. The $360 million high-rise is set to be open in 2019 and will include 707 residential units and retail space.
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