Related Midwest secured a $21.7 million loan from BMO Harris Bank for its planned branch library, anchoring a 73-unit apartment complex in University Village, property records show.
The developer began construction earlier this year on the new Roosevelt Square Chicago Public Library branch, a 17,000 square-foot space, at 1200 W. Roosevelt Road. It is being designed by architect Skidmore Owings & Merrill. It would comprise 37 units administered by the Chicago Housing Authority, 29 affordable units and seven market-rate homes.
The bank loan follows an earlier $15.8 million loan from the Chicago Housing Authority and a $7 million loan from the Liberty Tax Increment Financing district, both extended last year.
Related is also building 50 new market-rate condos just south of the library, according to its website.
The prolific company is building or proposing large developments all over the city, including the 35-acre Lathrop Homes, the 62-acre “The 78” property and a pair of spiraling towers that would sprout from the site of the aborted Chicago Spire project. Last week, an influential neighborhood group approved a proposal from Related to build a 36-story condo tower in the West Loop.
Related expects the Roosevelt Square apartments to be ready for move-in by April 2019.