Fulton market high rise project gets $125 million loan

Fulton Market has become the epicenter of residential growth in Chicago. | Courtesy of Antwon McMullen / Shutterstock

Real estate developer High Street Residential obtained a $125 million construction loan from Montreal-based lender Otera Capital to move forwardbuilding a luxury high-rise apartment building located at 1112 W. Carroll St. In a current credit-starved real estate market, a loan this much is rarely granted, even with Fulton Market becoming a hub for residential development. 

Groundbreakings are uncommon in the city due to high interest rates and typically low lending rates. Breaking this trend, High Street recently broke ground on the project, making it one of the few large developments in the neighborhood to do so.

Canadian lender Otera Capital has given only one other loan in the past for construction in Chicago on a 750,000-square-foot office building, also located in Fulton Market.

The 377-unit luxury apartment building will sit just south of life sciences building Fulton Labs, and is part of a two-tower development project that aims to add a 650,000-square-foot office building nearby at 167 N. Green St.

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Associate Editor

Ashlea is a writer, musician, and avid golfer from Edwardsville, IL. In May 2021, she became a published fiction author with her first novel Genesis Mortalis, Book 1 of the Take It Trilogy. Hearn runs a lifestyle blog for young women called “Sincerely, Ashlea” where she gives advice on topics like style, beauty, and wellness, and reviews restaurants and travel experiences. In her free time, she also enjoys practicing violin and piano — which she has played since the age of 11 — and composing pieces for both orchestra and solo piano.

As a new resident to downtown Chicago, she looks forward to dressing up and partaking in all the glamour the city has to offer.

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