Moyer Properties Lands Debt for Chicago-Area Multifamily

Moyer Properties landed a $32 million construction loan for what will be the largest real estate development in Highwood, which offers a dose of North Shore nostalgia.

The Chicago developer secured the funding from Huntington Bank for a 105-unit complex at 400 Sheridan Road in Highwood, Crain’s reported.

The $47 million project started construction last week and will include ground-floor retail anchored by two restaurants — one of them a reboot of the Nite N’ Gale, a local steakhouse that stood on the site for more than 75 years before being demolished to make way for the development.

Moyer president and founder Greg Moyer said the revived Nite N’ Gale will open under new management, aiming to keep the landmark name alive as part of Highwood’s downtown revival. The project will also feature underground parking, and Highwood Mayor Charlie Pecaro called it a key step in “elevating the residential and dining experience” in the suburb’s core.

The project comes as suburban multifamily rents climb. Median net rent across the Chicago suburbs rose 4.1 percent year over year in the second quarter to $2.18 per square foot, according to Integra Realty Resources. Median rent in the North Shore hit $3.04 per square foot, with roughly 750 units under construction as of midyear.

For Moyer, the deal extends a run of activity in the luxury rental space. The firm also closed a $29 million loan from Principal Financial last year to build an 84-unit apartment project at 537 West Drummond Place in Lincoln Park, slated to open in spring. That mid-rise will include coworking space, a fitness center, rooftop deck and fire pits — along with two affordable units, even though the project’s approval predates the city’s Affordable Requirements Ordinance.

Highwood’s latest project marks a notable evolution for the small North Shore community, where multifamily construction has historically been rare.

— Eric Weilbacher