Crain's Chicago: Developers line up $96M in financing for West Loop apartment tower
15 September 2025
A local development team has landed about $96 million in financing for a 19-story apartment tower in the West Loop, adding a project in a high-demand area to Chicago’s muted construction pipeline.
Rachel Herzog | Crain's Chicago Business
A joint venture of Chicago-based developers Focus, Melrose Ascension Capital and DAC Developments got a $71.6 million construction loan from CIBC, according to Cook County property records, as well as $23.9 million in preferred equity from Heitman, to develop a 287-unit building at 1221 W. Washington Blvd., just south of the trendy Fulton Market District.
The project is one of very few apartment buildings in downtown Chicago’s construction pipeline, as high construction costs and a challenging financing environment have made it difficult for developers to get shovels in the ground for large projects.
Tim Anderson, president and CEO of Focus, said while putting together debt and equity for projects like this one isn’t easy, the development team is confident in Chicago’s strength when it comes to apartment demand and rent growth.
“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,” Anderson said. “The people that are local understand the dynamics and how positive it is, and trying to convince the rest of the world is still the problem, but we’re getting there.”