Hymie Mishan’s and Saul Sutton’s Vista Property just scored a $59.8 million construction loan to back a 21-story apartment development in Chicago’s River North neighborhood.
The project aims to build 168 apartment units at 741 North Wells Street with an average size of 740 square feet, according to a news release from JLL, the brokerage that arranged the financing from Huntington National Bank.
The loan was issued on a four-year, floating interest rate term. Lately, interest rates have surged as the Federal Reserve raises its benchmark rates, though lenders have still found Chicago’s multifamily market attractive. In May, Tandem Development also secured a $58 million construction loan for its 196-unit West Loop apartment development slated for completion next year.
Earlier in the pandemic, Vista — which has offices in Chicago, New York and London — started construction on a 15-story office project in the West Loop at 609 West Randolph Street and also acquired four Fulton Market properties in two separate deals. Vista paid $32 million for 400 and 401 North Morgan Street and another $26 million for 370 North Morgan and 413 North Carpenter Street.
The company controls 20 properties in Chicago, according to its website.
River North has seen a number of sizable deals for apartments recently, including Chicago’s second-priciest apartment trade so far this year when a Singapore firm sold a 25-story building to Atlanta-based Cortland for $105 million, 15 percent than the seller paid for the property in 2019.
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