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Commercial
Chicago

Magellan refinances Gallery on Wells resi tower with $149M loan

Square Mile Capital provided the loan for the 442-unit luxury apartment building

The Gallery on Wells at 637 North Wells Street
The Gallery on Wells at 637 North Wells Street

The Magellan Development Group refinanced the Gallery on Wells, a 442-unit apartment tower completed earlier this year in River North.

Square Mile Capital provided the $149 million loan, according to a spokesman for the developer.

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The 39-story tower at 637 North Wells Street opened in March, with a mix of studio through three-bedroom apartments. The smallest units measure 452 square feet and rents start at $1,863 a month.

Last month, the Chicago Plan Commission approved four separate towers Magellan wants to build in the Lakeshore East area, including a 600-foot hotel and residential building that Lendlease is co-developing.

The partially-built 98-story Vista Tower, which Magellan is aiming to complete by the end of 2020, already looms above the rest of the neighborhood. In September, the Dalian Wanda group sold its majority stake in the tower to Canada-based Triple Five Group.

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Commercial Real EstateMagellan DevelopmentRiver North