Tandem Partners and Rambaud Holdings secured a construction loan for their 23-story mixed-use project along in River West.
Fifth Third Bank is providing the $48 million financing for the project at the corner of Milwaukee Avenue and Carpenter Street. The two Chicago firms secured the first building permits in July for the development, which is set to include 226 apartments, office space, 97 parking spaces and 2,300 square feet of ground-floor retail.
A three-story loft office building on the site is being preserved and renovated as part of the developers’ plan.
Tandam and Rambaud submitted a zoning application for the property in October 2017 and bought the property in March for $11.35 million, according to Cook County records.
Last year, Curbed reported the developer would be on the hook for a $1.6 million payment into the city’s Neighborhood Opportunity Fund and will be subject to revised affordable housing rules requiring 20 percent of the units be reserved for tenants earning up to 60 percent of the area median income.
Tandem also has plans for two towers with 343 apartments along the north side of the Eisenhower Expressway in the West Loop, according to Crain’s. One, at 1050 West Van Buren Street would rise 21 stories, while the other, at 1125 West Van Buren, would be 15.
A recent report showed the Chicago apartment market remains healthy despite accelerating construction, with occupancy rates and rent growth holding steady.