Wolf Point East, which was granted a foundation construction permit last week, now has the construction financing to build the 60-story apartment tower, according to Crain's Chicago Business.
The Wolf Point Partners JV of Chris Kennedy, Hines Interests and AFL-CIO Building Investment Trust secured a construction loan valued at nearly $200M from a lender group led by Bank of America. Other lenders in the deal include Union Labor Life Insurance, Citizens Bank and ING Real Estate Finance.
Other nine-figure construction loans in the Chicago market in recent months include Oxford Capital's $170M loan for its Essex Inn redevelopment, Sterling Bay's $209M loan to build McDonald's West Loop HQ, a $240M construction loan for Related Midwest's One Bennett Park, a $203M construction loan for Crescent Heights' One Grant Park and a $118M loan for loan for Fifield Realty's 727 West Madison. The common factors these projects share: strong sponsorships and proven track records of success.
The $360M Wolf Point East is being built amid a multifamily construction boom that will see 12,000 new units delivered by 2019 and flat downtown rent spreads. The Wolf Point JV is seeking a buyer for Wolf Point West, which was delivered last year.
