Cedar Street Companies landed a $49 million refinancing for a Near West Side apartment project it’s carving out from an old Salvation Army facility.
The Chicago developer landed the loan from TH Commercial Mortgage on the property at 1515 West Monroe Street, according to Cook County property records.
It bought the former Salvation Army Freedom Center in 2015 for $21 million, securing a $15 million mortgage at the time from RRA Companies. Earlier this year it secured city approval for a plan to convert the building into 260 apartments, and the city issued a building permit for the work last month.
The building will also feature ground-floor retail and just nine parking spaces — its proximity to public transportation qualifies it as a transit-oriented development, requiring it to have far less parking than typically required of a project of its size. Cedar Street did have plans to lease at least 30 more spots nearby, according to Block Club Chicago.
Some 101 of the apartments will be studios, with 46 set aside to comply with the city’s affordable housing requirements. Cedar Street will look to provide six more affordable housing units offsite, officials said.
The project is expected to be completed in Spring 2020.
Cedar Street has been a prolific developer in recent years through its various subsidiaries including the FLATS brand. It has a massive project to bring 710 apartments and 45,000 square feet of retail space to Uptown.
In July, its secured a permit to start on its 16-story addition to the Bush Temple of Music, which would add another 129 micro-apartments next to the converted landmark.