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Onni Group refinances first of planned three Old Town apartment towers
The developer whose tower includes a $45,000 a month rental just secured a new loan from Citibank
The Old Town apartment tower offering the city’s most expensive rental unit has secured new financing.
Onni Group has taken out a $165 million loan from Citibank on its 32-story rental building at 1140 North Wells Street, the first completed tower in its Old Town Park megaproject, Cook County property records show.
The new loan appears to replace a $110 million construction loan the Vancouver-based developer took out in 2017 to construct the 405-unit tower. Wells Fargo provided the previous loan, property records indicate.
Onni’s apartment building at 1140 North Wells Street opened in April and includes a penthouse unit that rents for $45,000 a month, making it the priciest rental property in Chicago. The 4,200-square-foot apartment spans two floors and comes with a private pool, a hot tub and an outdoor shower.
Rents for the remaining units range from $2,000 to $4,000.
Onni is working to build the next two phases of its massive Old Town Park project.
In December, the firm secured a $125 million construction loan from Wells Fargo for the second phase of its project, a 39-story, 428-unit rental tower. The building was already under construction in December.
The approval process for Onni’s planned third tower in the project hit a bump late last year. After neighbors said that Onni had backed out of a pledge to include 20 percent affordable housing in each phase of its development, the city’s Plan Commission deadlocked on a measure to approve the third tower. It is unclear if the project, set to include 456 units in a 41-story building, has been approved.
The Old Town Park project is the redevelopment of the former Atrium Village housing complex and will include the rehabbing of an Atrium building that was constructed in the 1970s.
A representative for the firm did not immediately return a request for comment.
Onni Group, one of LA’s biggest developers, is also building a 41-story apartment tower in River North. The firm also this year lined up financing for its $78 million buy of a West Loop office property.