Broder secures financing to build Norweta Row apartments in Lincoln Park

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

Jul.July 27, 2018 12:00 PM

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.

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.

Related Articles

Ald. Andre Vasquez (40th) and 5500 N. Wolcott Ave. (Credit: Google Maps)

Ald. Vasquez says Temple Steel campus won’t give way to luxury housing

A rendering of the Target warehouse at 3501 S. Pulaski Road and Target CEO Brian Cornell (Credit: Hilco Redevelopment, Target)

Target takes aim at massive warehouse in Little Village

Wolf Point East at 313 W. Wolf Point Plaza and Nema Chicago at 1210 South Indiana Avenue (Credit: Hines, Nema Chicago)

Over 10K new apartments could flood Downtown Chicago by 2022. But there’s a catch

From left: CEO and founder of CA Ventures Thomas Scott, CEOs of WeWork Sebastian Gunningham and Artie Minson, and a rendering of the building

WeWork has troubles, but it also has a new location in River North

The Bolingbrook property along route 53 and Amazon CEO Jeff Bezos (Credit: Google Maps, Getty Images)

Amazon pays $51M for site of former Chicagoland amusement park

Jeff Bezos and the Old Wrigley gum factory at 3535 S. Ashland Avenue (Credit: Getty Images and Google Maps)

Chew on this: Former Wrigley gum factory pitched as potential Amazon warehouse

Landing CEO & founder Bill Smith and one of Landing's apartments at 30 E. Adams St.

Membership-based leasing platform Landing uses $20M Series A round to expand to Chicago

Peter E. Ricker, Chairman and CEO of MBRE, and 800-810 West Madison Street (Credit: MBRE and Google Maps)

MB Real Estate pays $19M for office building near Fulton Market