Developer lands loan for West Loop apartments

Photo from Crain's Chicago Business

By: Micah Maidenberg | Dec 29, 2014 | Crain's Chicago Business

A Northbrook real estate firm building apartments across the West Loop landed a nearly $21 million construction loan for its latest development in the busy neighborhood. A venture of Michigan Avenue Real Estate Group took out the loan this fall from Rosemont-based Wintrust Bank to put an apartment building at 1241-1245 W. Jackson Blvd., according to Cook County property records. Michigan Avenue, founded five years ago by a group of veteran real estate investors and backed in part by Chicago Bulls and White Sox owner Jerry Reinsdorf, is building a four-story, 93-unit apartment complex on the site, according to information provided by Ald. Jason Ervin's (28th) office. Ervin represents the area in the City Council. Read More...