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Chicago & Midwest  + Downtown  + Apartments  | 

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.


Inside The Story

Merchants Capital

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 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).

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