Magellan Development Group and Mac Management announced the closing of a $100,197,683 construction loan for the latest apartment development, The Gallery on Wells, located at 167 West Erie Street on the former Gino’s East Pizza site.
The loan was funded by Ullico through its subsidiary, The Union Labor Life Insurance Company, and its Real Estate Investment Group provided by Ullico Inc. Additional funding sources include National Real Estate Advisors, Wanxiang America RE Group, and Strand Advisors.
The Gallery on Wells will be a luxury mixed-use, high-rise apartment building that brings together trendsetting amenities, modern design, and unparalleled views while celebrating the artistic spirit of its River North neighborhood. Construction is expected to commence shortly with first occupancies expected 2017.
The building will feature over 30,000 square feet of indoor and outdoor amenity space including a fitness center, library, kitchen & dining rooms, business center, activity & gaming area, dog run & lounge, and a landscaped rooftop deck with an outdoor pool, sauna, hot tub, fire pits & grills. The entire space will be outfitted with complimentary WiFi.
At the building’s ground level, there will be over 7,500 square feet of retail space and an ancillary parking facility with room for 108 vehicles. The building is registered with the certification goal of LEED® Silver and will be a 100 percent smoke-free environment. Once complete, The Gallery on Wells will have studio to 3-bedroom units available.
Due to its many attributes, the River North area has experienced an explosive population growth. An estimated 25,000 new residents, occupying over 10,000 new residencies, have moved into the neighborhood since 2000. During the fourth quarter of 2014, more than 93 percent of all downtown apartment units were occupied.
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