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**Developers Secure $96M Financing for West Loop Apartment Project**
A joint venture of Chicago-based developers Focus, Melrose Ascension Capital, and DAC Developments has secured approximately $96 million in financing for a new apartment tower in Chicago’s West Loop neighborhood.
The development team obtained a $71.6 million construction loan from CIBC and an additional $23.9 million in preferred equity from investment firm Heitman. The funds will be used to develop a 19-story, 287-unit residential building at 1221 W. Washington Boulevard.
According to Crain’s Chicago Business, this project stands out as one of the few new downtown apartment developments amid challenging market conditions, including rising construction costs and tightening financial markets.
“There’s demand but there’s no supply coming, and so we really worked very hard to try to put together a capital stack that could meet this need and we were successful, but it’s difficult to do,” said Tim Anderson, president and CEO of Focus.
In addition to the financing from lenders and investors, the rest of the project’s equity will come from the development team and its partners. The building is expected to be completed by 2026 and will offer a mix of studio, one-bedroom, and two-bedroom units, along with approximately 3,000 square feet of ground-floor retail space.
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