Intercontinental Secures $145M for Chicago Development

Wells Fargo provided the financing for the downtown project.

Porte Apartments has set aside a portion of apartments for renters earning up to 60 percent AMI. Image courtesy of Yardi Matrix

Intercontinental Real Estate Corp. has obtained $145 million in financing for the construction of Porte Apartments, a market-rate, mixed-use development in Chicago’s West Loop neighborhood. The five-year, fixed-rate loan with four-and-a half years of prepayment provides the sponsor short-term fixed-rate financing. The loan was arranged by Wells Fargo’s Multifamily Capital group.

The 586-unit Porte Apartments at 855 West Madison St. was completed in 2020 and offers studio to three-bedroom floor plans ranging in size from 557 to 1,396 square feet. A portion of the Porte Apartments housing is designated as affordable, with 10 percent, or 59 of the apartments in the 15- and 17-story towers, earmarked for residents earning less than 60 percent of Area Median Income.

Apartments include air conditioning, patios or balconies, in-unit washers and dryers and window coverings. Common-area amenities at the property include a third-floor deck featuring pool, kitchens and grilling stations.

The West Loop, carved out of a formerly industrial area of warehouses, is arguably one of the hottest urban neighborhoods in the Midwestern U.S. The enclave is near the Loop central business district, River North’s entertainment venues, the Medical District and the high-end stores and restaurants of Michigan Avenue. Rail and bus lines crisscross the West Loop, enabling residents to enjoy easy commutes anywhere in the city.

Dining, nightlife, specialty grocery stores, art galleries and performance venues dot the streets of the West Loop, lending a notably European ambience to the enclave. The University of Illinois, Chicago, The Chicago School, Rush University and the Illinois Institute of Art, Chicago, are all less than 1.7 miles from Porte Apartments. Two of Chicago’s major commuter rail terminals, Ogilvie Transportation Center and Union Station, are each approximately a half-mile away. Two months ago, Wells Fargo provided construction financing for Corwyn Conyers in metro Atlanta.

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