Weldon JV Lands $102M for Chicago Luxury Project
This 724-unit development will come online in two phases.
A joint venture of Weldon Development Group, Reflective Window + Wall and Magellan Development Group has obtained a $102 million construction loan for 410 N. Elizabeth St. in Chicago, The Real Deal first reported. Bank OZK provided the note for the 724-unit luxury project.
Partners on the project include Clark Construction as general contractor and Archeo Design Studio as architecture firm. DeSimone Consulting Engineers serves as structural engineer.
Weldon acquired the site back in January 2024. The development will come online in two phases, within the Fulton Market, some 4 miles northwest of downtown Chicago. The first phase will consist of a 33-story building with 383 apartments and retail space, while the second one will rise 31 floors.
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The initial tower will comprise studios and one- to three-bedroom apartments, according to Urbanize Chicago. About 20 percent of units will be designated as affordable for people earning up to 60 percent of the area median income.
Shared amenities are set to include a ground-floor lobby, fireplace lounge, indoor swimming pool and an outdoor terrace. Additionally, the project will have flexible workspaces and 150 car parking spaces.
Chicago’s multifamily development still steady
Chicago’s multifamily sector had 7,957 units under construction at the end of the first quarter of this year, representing 1.4 percent of its total inventory, according to a Colliers report. One of the underway projects is Pearl Fulton Market, a 32-story development that topped out last month. VISTA Property expects to start leasing at the 494-unit community next year.
Another current development is 310 West Huron, a 149-unit luxury project. A joint venture between Third Coast Real Estate and ZSD obtained a $44.1 million financing package for it earlier this year.
