https://www.chicagobusiness.com/real-est...ad&utm_source=Twitter#Echobox=1775671336
Developer Riverside lands financing for 199-unit West Loop apartment tower
By
Rachel Herzog
April 08, 2026 12:53 PM CDT
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A Chicago developer has lined up financing to begin work on a West Loop apartment tower, kicking off a project it had suspended amid high costs and scarce capital.
Riverside Investment & Development secured a $64 million construction loan through a U.S. Department of Housing & Urban Development program for rental housing developers for a 12-story, 199-unit building at 566 W. Van Buren St., executives at the firm said. The $85 million development is also being funded with equity from Riverside’s partners on the project, which include Blue Star Properties and German family office Metropolis Investment Holdings.
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The project is targeted for completion in early 2027.
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Four apartments complexes totaling about 800 units are on tap for completion in 2026 and about 2,100 units are anticipated in 2027, according to data from Integra Realty Resources.
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The project is being built as of right, meaning it didn’t require zoning approval from the City Council and isn’t subject to the city’s Affordable Requirements Ordinance
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Real estate services firm Draper and Kramer arranged the HUD financing on behalf of Riverside.
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https://www.chicagobusiness.com/commerci...ning-build-west-loop-apartment-building/
Old Design
The old design was superior IMHO, but I'm glad the project is a go.
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