CIM Group and Golub & Co. secured $58 million in financing for their Old Town condominium development, one of just a handful of condo projects in a market more focused on rentals.
New York-based Oak Hills Advisors Investment Corporation provided the loan for the “1550 on the Park” development at 1550 North Clark Street.
The 10-story building will have 32 condo units and ground-floor retail, according to Curbed. Realtor.com lists the units for between $1.6 million and $5.6 million, with expected delivery next year.
Demolition crews earlier this year started tearing down the former Elly’s Pancake House and century old Village Theater at the site, though the theater’s facade was to be saved and incorporated into the new building.
The joint venture took over the parcel in mid-2017 after Howard Weiner’s 101 North condo project failed to materialize.
CIM and Golub is the same partnership behind a proposed massive overhaul of the former Tribune Tower property that would include the city’s second-tallest skyscraper when completed. That project calls for 125 condos (along with 439 apartments and a 200-key luxury hotel.
More condo buildings have been subject to deconversion than development lately.
Exceptions include JDL Development’s 9 West Walton Street, which has dominated the list of most expensive sales since last year, Related Midwest’s One Bennett Park and former Chicago Spire site projects, Vista Tower and the condo tower known as 1000M at 1000 South Michigan Avenue from JK Equities, Time Equities and Oak Capital.
And Sedgwick Properties was cleared this week to build a 15-story condo building at 146 West Erie Street in River North.