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Related Midwest refinances West Loop apartment tower with $105M loan
The developer’s first stronghold in the West Loop was built with a $75 million loan provided in 2016
UPDATE, Feb. 2o, 5:30 p.m. Related Midwest refinanced its Landmark West Loop apartment building with an $105 million loan from Morgan Stanley.
The Chicago-based developer took out the loan on its 300-unit complex at 1035 West Van Buren Street last week, Cook County property records show. The new loan comes after Related took out a $75 million construction loan that was given by Citizens Bank in May 2016.
Related delivered the 30-story building in 2017. Since then, the firm has worked to greatly expand its footprint in the West Loop.
Related now is teaming with Ohio-based Pizzuti on a planned 351-unit apartment complex that would rise next to the Landmark West Loop. That project will before the City Council’s Zoning Committee on Feb. 28.
Related also is working on a 52-story tower at 725 West Randolph Street that would include a 165-key hotel, 370 apartments and a 30,000-square-foot Equinox fitness club. It’s also planning a 36-story condominium tower at 191 North Peoria Street, a joint venture with Tucker Development that was scaled back from a proposed 51 stories after backlash from neighbors.
The Landmark West Loop advertises studio apartments starting at $1,780 and three-bedroom units from $5,980, according to its website.
This story has been updated with a new loan amount according to Related Midwest.