Moceri + Roszak is moving forward with plans for a Downtown apartment building, taking out a construction loan for the planned 25-story complex.
The Chicago developer in late June secured a $69.8 million construction from Arkansas-based Bank OZK, Cook County property records show. The loan will fund work on the firm’s proposed apartment building near Millennium Park.
Moceri + Roszak plans a 214-unit development with 70 parking spaces and 6,400 square feet of retail at 50 East Randolph Street. Units would range from 550 to 2,600 square feet, with an average of 946 square feet, Alderman Brendan Reilly (42nd) announced in May.
Originally, Moceri + Roszak proposed 190 apartments at the site.
The development does not require a zoning change, but it still needs city approval in order to comply with a lakefront protection ordinance. A building permit does not appear to have been granted for the project, city records show.
Moceri + Roszak Principal Thomas Roszak declined to comment on the project.
Moceri + Roszak also is developing a 20-story office building at 145 South Wells Street, with the firm receiving a $71 million construction loan for that project in early 2018. Late last year, Moceri + Roszak sold a Loop apartment tower at 215 West Lake Street for $121 million.
Bank OZK is one of the largest and most aggressive condo lenders in Miami, Los Angeles and New York City. It is increasingly a large player in the Chicago multifamily market, recently providing JDL Development a $475 million construction loan for its One Chicago complex.