Essex Capital Markets Arranges $20M for River North Office Conversion

Essex Capital Markets Arranges $20M for River North Office Conversion
News| July 22, 2026| Jasmine Kilman

Essex Capital Markets completed the arrangement of a $19.57 million acquisition and construction loan for the redevelopment of 226 W. Ontario Street in Chicago’s River North neighborhood.

The financing will support the conversion of the existing office building into a 70-unit residential property, including 60 apartments within the existing structure and 10 additional units through a planned two-story vertical expansion.

On behalf of the sponsor, Essex Capital Markets secured financing through a local banking partner, delivering a two-phase funding structure designed to support the project’s acquisition and construction timeline. The financing includes an 80% loan-to-cost ratio and full-term interest-only payments. The transaction was facilitated by Directors Quinn Keenan and Asher Motew.

“This was not a standard construction loan,” said Motew. “The lender had to get comfortable with the conversion of an existing 113-year-old building, the planned vertical addition, and a funding schedule that matched the sponsor’s construction timeline. We found a local bank that understood the project and structured the facility so the sponsor could stage its equity contribution without giving up proceeds.”

The conversations behind tomorrow’s apartment deals happen at Connect Apartments on September 22 in LA. Connect with the capital sources, owners, developers, and brokers driving multifamily investment. Learn more and reserve your seat at www.connectapts2026.com.

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