Riverside Investment & Development Breaks Ground on West Loop Multifamily Development
Riverside Investment & Development Company and its partners recently celebrated the groundbreaking of 566 West Van Buren, a new 12-story, 199-unit multifamily development in Chicago’s West Loop neighborhood.
The approximately $85 million project represents another major investment in the continued transformation of the Union Station corridor into a vibrant mixed-use district. Located one block west of BMO Tower and Union Station, the development builds upon Riverside’s broader investment in the area, including BMO Tower, the 1.5 million-square-foot office building anchored by a
1.5-acre public park.
Developed in partnership with Blue Star Properties, Atlantic Residential and Metropolis Investment Holdings, the project is being designed by Antunovich Associates and constructed by ClarkConstruction. Financing includes a $64 million HUD 221(d)(4) construction loan that converts to a 40-year permanent loan upon stabilization. The HUD 221 (d) (4) loan was originated by Draper and Kramer, and investment capital was provided by Richmond Capital. The project is targeted for completion in early 2027.
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Development Site Trades within Atlantic Avenue Mixed-Use Plan
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
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Fourth Sale Closes in Anaheim Multifamily Portfolio
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
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JLL Arranges $135M Financing for Luxury Multifamily in Yonkers
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout