Onni Group lands big loan for 41-story River North tower

Goldman Sachs provided $150M for 356-unit project at 369 West Grand Avenue

Dec.December 02, 2019 02:00 PM
Onni Group president Rossano de Cotiis and a rendering of 369 West Grand Avenue (Credit: Brininstool+Lynch)

Onni Group president Rossano de Cotiis and a rendering of 369 West Grand Avenue (Credit: Brininstool+Lynch)

Onni Group has secured another huge loan for its latest Chicago endeavor, a 41-story residential tower in River North.

The developer has secured a $150 million construction loan from Goldman Sachs, Cook County records show. This is the second large loan Onni Group has taken out this year for a property in the Chicago area.

Though the company has made waves on the West Coast, they are now investing significantly into the Chicago residential market. In July, the company took out a $165 million refinance loan from Citibank for the first tower in its Old Town Park megaproject, which has the city’s priciest rental listing at $45,000 a month. That loan replaced a former $110 million construction loan from 2017 from Wells Fargo.

The project at 369 W. Grand Avenue, which replaced a vacant hardware store at 353 W. Grand Avenue, broke ground earlier this year and is currently under construction. Called “The Grand,” it adds to the spate of new apartment buildings the Vancouver-based firm is working on near the river, including a 373-unit building in West Loop and a massive potential development project at 900 North Halsted on Goose Island.

The $150 million loan will aid the construction of the 41-story building, which will have a retail space on the ground level, 250-space parking garage and 356 units rising above the River North area. The facade will be made of glass-clad panels and recessed balconies the architect of the project, Brininstool + Lynch, said on their website.

The project went through many phases and was initially rejected by Alderman Bendan Reilly (42nd) in 2015. The revised plan, which passed this fall, includes more green space. Onni paid just under $9 million to acquire the land in 2012.

Goldman Sachs and Onni Group did not immediately return requests for comment.

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