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Chicago

Broder secures financing to build Norweta Row apartments in Lincoln Park

The overall project calls for 42 luxury rental units and 31 condominiums

From left: Broder's Eric Svenson, Ben Svenson, and Dana Nielsen and a rendering of Norweta Row at 2611 North Hermitage Avenue (Credit: Broder)
From left: Broder's Eric Svenson, Ben Svenson, and Dana Nielsen and a rendering of Norweta Row at 2611 North Hermitage Avenue (Credit: Broder)

Real estate developer Broder secured $21 million in financing for its Norweta Row complex in Lincoln Park.

The loan from Citizens Bank is for 42 luxury apartments for the Boston-based developer’s construction at 2611 North Hermitage Avenue. The complex also includes a separate 31-condominium building, which was not used as collateral on the loan, according to HFF, which advised on the financing.

The 4-1/2-story, 79,000-square-foot apartment building is expected to be completed in the spring. The separate condo portion covers 84,000 square feet.

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The complex will feature a number of amenities to be shared by the renters and condo owners, including nearly an acre of outdoor space and a pool, HFF said.

HFF’s Christopher Knight and Greg LaBine were on the loan deal.

Lincoln Park has a number of apartment projects in the works, including a plan by CRM Properties for some 500 units in a mixed-use project in the Clybourn Corridor, not far from where Structured Development plans another 197 apartments.

And the site of the iconic The Weiners Circle hot dog stand could also join the mix, because its owner has announced plans to sell it and an adjacent apartment building.

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ApartmentsCommercial Real EstateLincoln Park