Antheus Capital has secured a $60 million construction loan from BMO Harris Bank to build a 26-story, 246-unit residential tower at 1600 East 53rd Street in the Hyde Park.
New Jersey-based Antheus in March scored a permit for the building from the city.
The first four levels the development will include parking as well as 10,000 square feet of retail, according to Curbed.
Antheus bought the site, currently a parking lot, for $3.9 million in 2011.
It’s immediately adjacent to a Metra station and a stretch of 53rd Street that has seen major new development activity in recent years, including a 98-room boutique hotel scheduled to open in July.
A spokesperson for BMO Harris confirmed that the loan was issued. Antheus did not responded to requests for comment in time for publication.
Earlier this week the Tribune reported a trust linked to Bill Gates had bought a single-family house in the neighborhood for $1.25 million.