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.

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