The Real Deal Chicago

Wirtz lands $41M loan for Lakeview rental

Rents in the building were among the highest in the area when it opened
By Scott Klocksin |
Research by Lauran Hanrahan
April 26, 2018 03:05PM

2950 North Sheridan Road and Wirtz Realty Corporation's Don Vitek

2950 North Sheridan Road and Wirtz Realty Corporation’s Don Vitek

A Lakeview rental tower known for high rents landed a $41 million loan.

Chicago-based Wirtz Realty obtained the loan from Northwestern Mutual Life Insurance for its 20-story, 83-unit rental building at 2950 North Sheridan Road.

Wirtz bought the property in 2016, shortly before construction was finished. It opened in early 2017.

When the building was preparing to open, rents in the building started at nearly $3,000 a month for convertible units and $4,000 to $5,800 for a two-bedroom, according to Curbed.

According to RentCafe, the median rent citywide for a two-bedroom is $2,372 as of this month.

The Wirtz family has owned the National Hockey League’s Chicago Blackhawks since 1954.

Calls to Wirtz and Northwestern Mutual were not returned in time for publication.