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The cranes will be rising at 1326 South Michigan Ave. for the foreseeable future after the project's developers, Murphy Development and CIM Group, scored some eight-figure financing. The JV was awarded $92M in construction financing for the 46-story, 500-unit project, according to Crain's Chicago Business.
Murphy first announced the project in 2015, just as a blossoming Chicago multifamily market was primed to explode. But a packed pipeline locally and nationwide, coupled with increased pressure from the Fed to curb lending, has resulted in loans of this size only being meted out to projects with strong sponsorships and existing relationships with lenders.
Murphy Development qualifies as a strong sponsor, with projects in the works like repositioning the offices above the Oriental Theatre into a Cambria Hotel & Suites and a twin office tower project at 301 and 321 South Wacker Drive. Murphy Development is also part of the team that is redeveloping the Cook County Hospital site.
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