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Essex Capital Markets secures $19.57M loan to convert Chicago office
The financing will fund a conversion of 226 W. Ontario Street into 70 apartments, including 10 units added via a two-story vertical expansion.
ConnectCRE reports that Essex Capital Markets arranged a $19.57 million acquisition and construction loan for the redevelopment of 226 W. Ontario Street in Chicago’s River North neighborhood.
The deal supports converting the existing office building into a 70-unit residential property. The plan includes 60 apartments within the existing structure and 10 additional units through a planned two-story vertical expansion.
According to ConnectCRE, the financing includes an 80% loan-to-cost ratio and full-term interest-only payments, with a two-phase funding structure tied to the project’s acquisition and construction timeline.
ConnectCRE also reports that the lender had to be comfortable with the conversion of an existing 113-year-old building, the vertical addition, and the schedule for staged equity contributions. The transaction was facilitated by Directors Quinn Keenan and Asher Motew.