Vista Property scores $60M construction loan for River North apartment tower

Project on North Wells Street set to be completed in 2024

Vista Property's Hymie Mishan and rendering of 741 N Wells (Vista Property, Getty)
Vista Property's Hymie Mishan and rendering of 741 N Wells (Vista Property, Getty)

Hymie Mishan’s and Saul Sutton’s Vista Property just scored a $59.8 million construction loan to back a 21-story apartment development in Chicago’s River North neighborhood.

The project aims to build 168 apartment units at 741 North Wells Street with an average size of 740 square feet, according to a news release from JLL, the brokerage that arranged the financing from Huntington National Bank.

The loan was issued on a four-year, floating interest rate term. Lately, interest rates have surged as the Federal Reserve raises its benchmark rates, though lenders have still found Chicago’s multifamily market attractive. In May, Tandem Development also secured a $58 million construction loan for its 196-unit West Loop apartment development slated for completion next year.

Earlier in the pandemic, Vista — which has offices in Chicago, New York and London — started construction on a 15-story office project in the West Loop at 609 West Randolph Street and also acquired four Fulton Market properties in two separate deals. Vista paid $32 million for 400 and 401 North Morgan Street and another $26 million for 370 North Morgan and 413 North Carpenter Street.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

The company controls 20 properties in Chicago, according to its website.

River North has seen a number of sizable deals for apartments recently, including Chicago’s second-priciest apartment trade so far this year when a Singapore firm sold a 25-story building to Atlanta-based Cortland for $105 million, 15 percent than the seller paid for the property in 2019.

Read more