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.
You may also like:
19th-century Lincoln Park combined row houses sold for $5.5 million
State Street buildings fight for landmark status amidst demolition plans
Welcome to the discussion.
Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.