December 6, 2016
Related Midwest, which is behind the 70-story, 348-unit One Bennett Park in Chicago’s Streeterville neighborhood, has obtained $240 million in construction financing for the project, from a group of lenders led by Wells Fargo. The loan is the largest for a downtown Chicago residential project since the recession, and makes up approximately 60% of the project’s $400 million cost.
Related Midwest has already broken ground at 451 E. Grand Ave., which will consist of 69 condominiums and 279 for-rent units. The Robert A.M. Sterns Architects-designed building will be one of the most expensive, with luxury condos priced from $1.85 million to $15 million. Related expects to complete the rental units in late 2018, and the condos by early 2019.
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