Mixed-use community in West Loop Submarket secures $51.5 million loan

Mixed-use community in West Loop Submarket secures .5 million loan

Asia Capital Real Estate (ACRE) has closed on a $51.5 million loan to support the refinancing and redevelopment of The Duncan, a multi-building luxury community in Chicago’s West Loop/Fulton Market neighborhood.

The loan will aid in the refinancing of the 260-unit property owned by Chicago-based institutional developer, owner and operator CEDARst.

The Duncan consists of two multi-level buildings – one four-story and another six-story connected by the second floor. The Duncan preserves its historic charm, offering renters architectural features that are not too cost-prohibitive to be replicated by new construction, while introducing modern amenities.

The mixed-use community includes 8,350 sq. ft. of retail, a coworking space, a cocktail bar and a fitness center. The grand lobby will be shared with FROTH Café, CEDARst’s hospitality concept managed by The Heritage Group. Recreational amenities will include basketball and volleyball courts, an indoor running track, a wet/dry sauna, an indoor swimming pool and a gym featuring a boxing ring.

The buildings, originally built in the early 1900s, were recently repurposed in two phases – 150 units came online in July 2020 and the remaining 110 units were delivered in October 2020. The property also benefits from its location in the growing West Loop neighborhood, which is home to many Fortune 500 companies, including the headquarters of major corporations Google, McDonald’s and Mondelez.

Original

Staff writer for the Chicago Morning Star

Related Posts
Chicago selected to tackle vacant properties at Vacant Property Leadership Institute
Mayor Lori Lightfoot says Chicago is one of 12 cities across four states that have
SOM and TranSystems to lead $180 million State/Lake Station transformation
Skidmore, Owings & Merrill (SOM) and TranSystems are leading the $180 million redesign and transformation of Chicago’s second
Landmarks Illinois grants support preservation projects in six Illinois communities
Landmarks Illinois has awarded a total of $17,000 in matching grants to support historic preservation efforts
Gov. Pritzker announces 6-year, $20.7 billion construction plan
Gov JB Pritzker has announced the release of a $20.7 billion multi-year plan to improve
Farmers and Merchants National Bank partners with Poettker Construction to bring new location to O’Fallon
Farmers and Merchants National Bank (FMB), in partnership with the City of O’Fallon and Poettker Construction,
Plumbers Union (UA) Local 130 obtains $25 million building permit for seven-story West Loop parking garage
The Plumbers Union (UA) Local 130 has obtained a $25 million building permit to construct a
New $4.25 million clubhouse in the works for Boys & Girls Club of South Elgin
The Boys & Girls Club of South Elgin is preparing to start construction of its new 20,000
Multiple IDOT Projects Scheduled In Will County Area
The Illinois Department of Transportation announced today that multiple improvement projects in the Will County
DPD unveils four net-zero high-rises proposals for Prime Loop site
The Department of Planning and Development (DPD) has unveiled four mixed-use redevelopment proposals for city-owned property at
Leopardo Construction tops off $26 million Wrigleyville mixed-use structure
Draper and Kramer, Incorporated says it has topped off a 120-unit mixed-use development at 949 W.