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hicago-based developer Moyer Properties has secured a $29 million construction loan from Principal Financial to build an 84-unit mid-rise apartment building in Lincoln Park. The seven-story development at 537 West Drummond Place is expected to open in March 2026 and will feature studio, one-bedroom, and two-bedroom units, as well as amenities like coworking spaces, a fitness center, and a rooftop deck with lake views. Although the project predates the city's Affordable Requirements Ordinance, Moyer Properties plans to offer two affordable apartments.

    The market for construction loans remains active despite elevated interest rates and economic uncertainties. Recent examples include a $193 million loan for a luxury condo project in Austin and a $68 million loan for condos in Pompano Beach, Florida. Moyer Properties is also involved in another development project in North Center, where it plans to build a 130-unit apartment building at the intersection of North Lincoln Avenue and West Irving Park Road.

    The North Center initiative has received city approval but still lacks funding. The project involves redeveloping a historic bank building into supportive housing for survivors of domestic violence, with Brinshore Development set to transform the property into 64 units.