CMK Companies secured $50 million in financing for its planned two apartment buildings in the South Loop.
The Chicago-based firm won city zoning approval in April for a 15-story building with 199 units over retail at 45-59 East 14th Street, and nearby a 10-story building with 62 units over retail at 1419 South Wabash Avenue.
Associated Bank provided the loan, according to Cook County records.
The smaller building would use 36 parking spaces in the taller building’s lot as part of the zoning requests that were approved.
CMK bought the property on Wabash from Columbia College Chicago in October for $6.5 million, Crain’s reported at the time.
CMK has developed several projects in the South Loop, including two towers with a total of 449 condos and apartments in the 1300 block of South Wabash.
The firm also is developing the massive Riverline project on the south branch of the Chicago River just north of Roosevelt Road.
It had been in a joint venture with Lendlease to build a larger development along the river, but the two sides parted ways and divided up the planned project site, with Lendlease now developing an area on the north end called Southbank.
Columbia College recently sold another property for an apartment project when 3L Real Estate bought the student housing building at 731 S. Plymouth Court for more than $20 million.
3L is also working to convert the historic former home of Johnson Publishing into market-rate apartments. 3L bought the 12-story office building in 2010 from Columbia and is spending $15 million on the adaptive reuse.