Finance N Illinois

Lincoln Park luxury residential development lands $21M in financing

Lincoln Park luxury residential development lands $21M in financing,ph1

Holliday Fenoglio Fowler, L.P. (HFF) announced $20.95 million in financing for the development of 42 luxury apartment units at Norweta Row in Chicago’s Lincoln Park neighborhood. The HFF team worked on behalf of Boston-based developer, Broder, to secure the construction loan through Citizens Bank. Norweta also includes 31 for-sale condominium units that share amenities with the apartments, but were not part of the collateral for this loan.

Norweta Row will be located at 2611 N. Hermitage Avenue, southeast of the intersection of W. Diversey Parkway and N. Clybourn Avenue in Lincoln Park. The apartment phase of the project is due for completion in the spring of 2019 and will encompass a four-and-a-half-story building with 42 rentable apartment units totaling 79,000 square feet. The 31 for-sale condominium units will total 83,900 square feet.

“Norweta Row’s attention to detail, thoughtful unit layouts and breadth of amenities in the highly desirable Lincoln Park neighborhood is unique to the market and will be very well received by renters and buyers alike,” said HFF director Christopher Knight, who represented the borrower along with managing director Greg LaBine.

Both phases of the project will be constructed to LEED Platinum specifications and will include smart-home technology, pre-wired surround sound, hardwood floors, quartz countertops and full-size washers and dryers. Community amenities will include nearly an acre of outdoor space, a resort-style pool, fire pit, outdoor dining and grilling area, private courtyards, 30-foot sport court, pet concierge service, dog wash station and electric car charging stations.

Pappageorge Haymes Partners is the architect of record while Gary Lee Partners is handling the interior design. Noreta Row is being marketed by Jameson Sotheby's International Realty.