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Merchants Capital Lends on IMD Apartment Project
The Chicago office of mortgage banking company Merchants Capital recently secured a Merchants Bank of Indiana construction loan with a Freddie Mac Forward Commitment for Permanent Financing for the development of Gateway Apartments in the Illinois Medical District (IMD) on Chicago’s Near West Side. The project will be the first new, large apartment development within the boundaries of the IMD in several years.
Set within a larger mixed-use development, Gateway Apartments will provide 161 one- and two-bedroom workforce housing units targeted towards medical personnel, students and faculty who work within the IMD.
In addition, the site will feature a Hilton Hampton Inn & Suites, 35,000 square feet of retail space and up to 500,000 square feet of Life Science/Medical office space.
“The paucity of housing within the IMD has been a missed opportunity for years,” said Lee Oller, EVP of Merchants Capital Chicago.
- ◦Financing


