A joint venture between developers Shapack Partners and CRG obtrained financing for a new 29-story residential skyscraper in Fulton Market. The developers received an $84 million USD loan from Pacific Life Insurance for its planned 308-unit project at 220 North Ada Street. The construction loan covers about 60 percent of the project’s $140 million USD estimated cost.
The project will feature 12,300 square feet (1143 square meters) of retail space, and 62 units will be reserved as affordable housing. The project is expected to break ground in March 2024 and be completed by early 2026. Considering the increase in interest rates and tight lending climate, securing the loan is a testament to the strength of the project in the area.
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Shapack Partners acquired the site for $8.5 million USD in 2018, and the development received City Council approval for the project in April 2022. It is the developer's second residential project in Fulton Market; the first was the 227-unit Parker Fulton Market, completed in 2016.
Learn more about this story at Chicago Business.