Belgravia, Lennar land $69M loan for Triangle Square project

The $200M project will include 300 apartment units and 66 condo units, plus office and retail space

Jan.January 17, 2020 04:42 PM
Rendering from Belgravia with CEO Alan Lev and COO David Goldman CATEGORY: Commercial Real Estate

Rendering from Belgravia with CEO Alan Lev and COO David Goldman
CATEGORY: Commercial Real Estate

The team behind a mixed-use residential building on the Bucktown-Lincoln Park border have secured a $69 million loan from Wells Fargo for their project near Sterling Bay’s planned Lincoln Yards megadevelopment.

Local developer Belgravia Group and Miami-based construction company Lennar Corporation’s $200 million Triangle Square apartment and condominium complex will be made up of three buildings on a 4.1-acre triangular property bounded by Elston Avenue, Webster Avenue and Metra’s UP-North line tracks.

At seven stories, the largest building will include 300 apartments with ground-floor retail. Another seven-story condo building with 66 units, and a two-story building with small offices above retail will be across from the apartment building.

Belgravia and Lennar paid $21.8 million for the two parcels that make up the development site in late 2018, shortly after winning city approval for the mixed-use project.

At the time the project was approved, Belgravia planned to include nine affordable units on site and pay about $3.5 million into the city’s Affordable Housing Opportunity Fund.

Belgravia and Lennar didn’t immediately respond to requests for comment.

Related Articles

2308 W. Giddings Street and “Windy City Rehab” stars Alison Victoria and Donovan Eckhardt

Tear it down! Couple suing hosts of “Windy City Rehab” want show canceled

Clockwise from left: 54 E. Elm Street, 1919 N. Leavitt Street, 451 E. Grand Avenue #4401, 1928 W. Wolfram Street and 55 E. Erie Street

Here are the priciest resi sales in Chicago last week

Seamless thumbs up background.

Mark your calendars: These are Chicago’s top real estate events next week

JDL CEO James Letchinger and Moody Bible Institute (Credit: Wikipedia)

Let us pay: JDL buying 10-acre dev site from bible college

Bridgford Foods plant at 170 N. Green St. & Clayco founder and Chairman Bob Clark (Credit: Google Maps)

Clayco buying prime Fulton Market property; redevelopment eyed

519 West Melrose Street in Chicago’s Lakeview neighborhood (Credit: Redfin)

Chicago condo owners sell Lakeview building for $15M

Amazon CEO Jeff Bezos and Mayor Roger Claar with the Bolingbrook property along route 53 and (Credit: Google Maps, Getty Images)

Bolingbrook mayor absolutely hates Amazon’s 825K sf real estate project

Rendering of The 78 with Related Midwest President Curt Bailey and and University of Illinois Systems President Tim Killeen

Related’s The 78 will include University of Illinois tech-innovation hub