Moyer Properties has secured funding for a multifamily development in Lincoln Park.
The Chicago-based developer recently closed a $29 million construction loan with Principal Financial to develop a mid-rise apartment building at 537 West Drummond Place, Crain’s reported.
The seven-story building will offer 84 units, marking a significant addition to an area that has seen limited rental developments in recent years, said Moyer Properties founder Greg Moyer.
The project, slated to open in March 2026, will consist of 12 studio apartments, 54 one-bedroom units and 18 two-bedrooms. Planned amenities will include coworking spaces, a lounge, fitness center, fire pits, and a rooftop deck with views of the lake.
The project’s approval predated the city’s Affordable Requirements Ordinance, which mandates 20 percent of units be affordable for new zoning approvals initiated after 2021. Moyer Properties still plans to offer two of the apartments at affordable rates.
The market for construction loans has been active, with significant financing secured for projects despite elevated interest rates and economic uncertainties. Recent examples include a $193 million loan for a luxury condo project in Austin and a $68 million loan for condos in Pompano Beach, Florida, indicating continued lender interest in high-value developments.
Moyer Properties is also involved with a planned redevelopment project at a busy intersection in North Center.
That developer intends to buy property at the southwest and southeast corners of North Lincoln Avenue, North Damen Avenue and West Irving Park Road. Plans call for a seven-story, 130-unit apartment building at 3950 North Damen Avenue. The historic bank building at 3959 North Lincoln Avenue would be sold to Brinshore Development. The latter will transform the bank into 64 units of supportive housing for survivors of domestic violence.
The North Center initiative received the green light from the city’s plan commission but still lacks funding.
— Andrew Terrell
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