Developers Receive US$84-Million Loan To Build Chicago Residential Tower

In a testament to the strength of Chicago’s Fulton Market area amid high interest rates and tight lending, developers Shapack Partners and CRG received a US$84-million loan from Pacific Life Insurance to build a 29-story, 308-unit residential tower at 220 North Ada Street, the Council on Tall Buildings and Urban Habitat reports, citing Crain’s Chicago Business. The loan will cover approximately 60% of the project’s estimated US$140 million cost. Including 12,300 ft² of retail space, the project will be Shapack Partners’ second in Fulton Market after the 227-unit Parker Fulton Markt was completed in 2016. The project is expected to break ground in March and be completed by early 2026. It will include 62 affordable-housing units.