Chicago & Midwest + Downtown + Finance | January 23, 2023

CIBC, BMO Harris Finance Large-Scale West Side Mixed-Use

CIBC and BMO Harris have provided support for phase one of Roosevelt Square, a significant mixed-use and mixed-income development on Chicago’s West Side. The project is the new construction, acquisition/rehabilitation, and adaptive reuse of 406 residential units and 10,000 square feet of commercial space across 42 buildings.

To finance the proposed project, CIBC and BMO Harris provided two construction-period loans via a 50/50 syndication with BMO serving as agent bank. The two construction-period loans include a $76.25-million tax-exempt funding loan and a $15.75-million taxable construction loan.

The banks also provided $52.9 million in equity generated by Low Income Housing Tax Credits and CIBC provided $2.25 million in equity generated by Illinois Donations Tax Credits.

“Roosevelt Square will become a haven for residents and provide opportunities for business owners,” ” said Shawn Beber, senior EVP and group head, U.S. region at CIBC. Related Midwest is developing the project.

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CIBC's Beber

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).