CEDARst Companies has received financing for The Draper at 5050 N. Broadway which is a mixed-use development project in Chicago's Uptown community per RE Journals. This will allow CEDARst to complete the first of two planned phases. The project for Phase I is expected to cost $115,450,000. CEDARst has already raised $41 million of the cost.
JLL Capital Markets has secured $13 million in structured financing from Urbanite Capital and also a $61.25 Million construction loan from Bank OZK.
"CEDARst is delivering top quality multifamily into a highly occupied submarket at a great cost basis and their vision and strategy really resonated with the lending community."
Executive Vice President of JLL Capital Markets | Chuck Johanns
The development is expected to open in the summer of 2019 and will convert a former 400,000 square foot office building into 342 amenity rich residential units which will offer the following features:
- More than 10,000 square feet of amenity space
- Multi-level fitness center
- Co-working space
- Activated public lobby
- Multiple commercial spaces on the ground level
FLATS Pepper Construction will be serving as the general contractor and Booth Hansen is the project architect.
Demolition has started in preparation for an expansive new courtyard. A concrete structural shell of an outdoor pool has been installed on the planned 7th floor rooftop terrace and steel structural work has begun for the 12th floor restaurant. This building is the tallest in the area and provides an unobstructed view of the city and lake views from the 12th floor addition.
Phase II will feature 368 units in a 210,000 square foot, seven story building. Ground breaking for this phase is expected in 2020.
According to Crain's Chicago Business, Cedar Street has been very busy lately with many apartment construction projects. They are breaking ground this summer on a 16 story, 129 unit apartment tower in River North and recently started a 288 unit redevelopment of a former Salvation Army property on the West Side. They are also wrapping up converting a vintage Loop office building into 175 apartments next summer and just began leasing a 149 unit development in River North.
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Cedar Street is very involved in the Chicago apartment market which is very strong right now and about to get a lot more crowded, mainly downtown. 4,400 apartments are on track to be completed downtown next year and 4,000 more in 2020 according to Integra Realty Resources.
Cedar Street Managing Partner, Will Murphy said, "We still remain bullish on the stuff we're doing downtown, but candidly it is easier on the North Side. There's just less competition."
The apartments in the first phase will rent for $2.00 to $3.00 per square foot and the average size unit will be 575 square feet. Fifteen percent of the units will qualify as affordable housing.
DataBid is currently reporting on this project - North Broadway Apartments & Retail - Uptown (0076040416)