Third Coast JV Obtains $44M for Chicago Luxury Project
The financing package also includes preferred equity.
A joint venture between Third Coast Real Estate and ZSD has obtained a $44.1 million financing package for 310 West Huron, a 149-unit luxury project in Chicago. Construction is already underway, with completion scheduled for next year.
JLL Capital Markets arranged a $38.1 million senior construction loan through CIBC and $6 million in preferred equity investment from N3 Capital Management.
The community will rise on a surface parking lot spanning an entire city block, according to Crain’s Chicago Business. ZSD bought the land for $9 million.
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The site at 310 W. Huron St. is close to Interstate 90 and 1 mile from downtown Chicago. The city’s international airport is within 17 miles northwest.
Upon delivery, the nine-story community will comprise studio, one- and two-bedroom floorplans, as well as 11 two-story units with private patios and about 3,700 square feet of ground-floor retail space. Shared amenities are set to include a fitness center, rooftop lounge, coworking space, coffee bar and outdoor deck with grills.
JLL Capital Markets Managing Director Christopher Knight, Director Mary Dooley and Analyst Ryan Planek led the debt advisory team that worked on behalf of the borrower.
Chicago’s growing multifamily footprint
Chicago had 60 developments underway as of February, according to Yardi Matrix information. Upon completion, these communities are set to add about 18,830 units to the market’s inventory. Additionally, 425 projects were planned or prospective.
One of the projects underway is Hines’ 306-unit development in Naperville, Ill. The community at 1200 Diehl Road is rising on the site of a former 100,000-square-foot office building.
In terms of housing completions, the metro saw 38 properties totaling 4,904 units come online in 2025, the same data provider shows. The amount marked a steep decline from the 62 projects—10,836 apartments—that were delivered the previous year.
