Journey’s End Development has secured a construction loan for its planned 39-unit condominium building in the South Loop, a project that was allowed to begin earlier this summer.
Heartland Bank and Trust provided the $18 million loan for the four-story masonry property set to rise at 1802 South State Street, according to Cook County property records.
Colorado-based Journey’s End, whose portfolio also includes higher-end residential developments, is advertising one- to three-bedroom units for its lone Chicago property. Ten of the condos are already under contract, and the remaining 29 are listed between $390,000 and $545,000.
The units are being marketed by broker Vince Lance of the North Clybourn Group.
The development site is one block away from the barren 62-acre expanse where Related Midwest is planning its “The 78” super-development. There, it is proposing up to 13 million square feet of residential, office and hotel space to be built over decades.
Elsewhere in the booming South Loop, the San Francisco-based FPA Multifamiliy closed a deal last week to buy the 332-unit “The Lex” apartment complex from Crescent Heights for an undisclosed price.