A joint venture between Mavrek Development and Fengate Asset Management has secured US$130.4 million in construction financing. This funding is for the construction of a 25-storey residential high-rise with 380 units in Downtown Chicago. The financing was provided by Affinius Capital, with John Parrett of CBRE arranging the transaction.
David Greenburg, Managing Director and Co-Head of Debt Capital Markets at Affinius Capital, described the project at 1000 West Jackson Street as an “institutional residential development”. He highlighted that Chicago’s West Loop benefits from low housing supply but high population growth, which is attributable to the revitalisation of the Fulton Market district.
Attractive Location and Amenities
The new building is located in Chicago's West Loop, a district that has developed into a vibrant 'Live-Work-Play' neighbourhood and has seen billions of dollars invested in real estate development over the last decade. It will feature over 21,500 square feet of ground-floor retail space.
The residential units are divided into 304 market-rate apartments and 76 affordable units. The property will offer approximately 31,000 square feet of indoor and outdoor amenities.
- —A swimming pool
- —A fitness centre with a basketball court
- —A resident lounge
- —Coworking spaces
- —On-site indoor parking
Construction began this month, with completion scheduled for mid-2028. Greenburg added that the project at 1000 West Jackson Street combines “proven sponsorship with strong fundamentals”. They look forward to collaborating with Mavrek and Fengate.
