Tree Street Group Closes on Financing for Chicago’s First Geothermal Multifamily

Tree Street Group, together with development partners Magellan Development Group and Mark Goodman & Associates, has closed on construction financing for 410 N. Elizabeth, a 33-story high-rise in Chicago’s Fulton Market neighborhood.

It will be Chicago’s first all-electric, geothermal multifamily high-rise and represents the first phase of a two-tower, mixed-use development. Financing included a senior loan from Bank OZK and junior capital from Beach Point Capital and Circle Property Partners.

410 N. Elizabeth will feature 38 studios, 87 one-bed, 256 two-bed and two three-bed apartments. The geothermal design and associated energy savings at 410 N. Elizabeth unlocked additional capital for the building, provided by Infinite Energy Partners, which will own and operate the pioneering system. This system, along with other key design features, will reduce energy usage by an estimated 60%, enabling the building to be Chicago’s first fully electric multifamily high-rise.

Archeo Design Studio is serving as the architect of record for the development. Clark Construction Group is serving as the project’s general contractor.

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