CMK Companies Lands 83M Loan for South Loop Apartments

CMK Companies secured $83 million in construction financing to launch the first phase of its long-planned Riverline development in Chicago’s South Loop.

The project marks a significant step forward for the 15-acre master-planned site along the South Branch of the Chicago River. Wintrust Bank issued the construction loan for a 388-unit apartment project at 1010 South Wells Street in February, Crain’s reported. The funding allows CMK to proceed with construction on a site positioned between the Chicago River and the Roosevelt Collection retail complex.

The financing is a notable exception in a downtown Chicago market currently challenged by elevated interest rates and rising construction costs, according to the outlet. Despite these challenges, CMK’s loan follows a $151 million construction package secured by New York-based developer Vista Property Group last May for a high-rise at 370 North Morgan Street.

The Riverline development was originally conceived a decade ago as a $2 billion joint venture between CMK and Lendlease. The partnership dissolved in 2018, leading to a division of the 15-acre site into two distinct projects: Riverline and Southbank.

Lendlease took control of the 7-acre northern portion, where it has since completed the Cooper and the Reed residential towers, according to the publication. CMK retained the southern 8-acre parcel and the original Riverline branding for its ongoing development efforts.

CMK has maintained a steady presence in the South Loop, recently completing a 149-unit property at 1717 South Michigan Avenue. That building was the only major apartment project to open in the city in 2025, according to data from Integra Realty Resources.

The current construction at 1010 South Wells Street represents just one component of CMK’s broader vision for the riverfront. According to the publication, previous reports indicate that a subsequent phase of the Riverline master plan includes a second apartment tower at 910 South Wells Street.

While total development costs for the project remain undisclosed, the injection of $83 million in debt might indicate renewed lender appetite for the South Loop’s residential sector, according to the outlet. CMK has not yet commented on whether additional equity was secured to complement the Wintrust loan.

— Eric Weilbacher