May 27, 2011 - Chicago real estate developers are still rushing to build rental towers and lenders seem to be willing to finance them. Magellan Development has locked in a construction loan for a 45 story, 499 unit apartment tower that will break ground next month in Lakeshore East, according to a Crain’s report.
Northwestern Mutual Life Insurance Company is providing a $99.5 million loan to Magellan for the high-rise. Magellan’s partner, JP Morgan Asset Management, are putting in $50 million of their own.
This new Lakeshore East apartment tower will be located on 345 East Wacker Drive and is expected to be ready for move-in by February of 2013, according to the article. It won’t be alone, as Appraisal Research Counselors estimates that around 2,200 downtown Chicago apartments will hit the market in 2013.
This yet-to-be-named apartment tower will be the fourth one in the Lakeshore East complex. Other Magellan buildings in the complex include the Tides, the Shoreham and Aqua.
If you can’t wait until 2013, there are lots of Chicago apartments and Chicago condos available for rent right now.