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Waterton Closes $16M for Suburban Chicago MF Development
Waterton has closed a $16 million preferred equity investment for the development of the Residences at Eastbank, a five-story, 258-unit, mid-rise apartment building located at 100 N. Broadway in downtown Aurora, Illinois.
The project is sponsored by Chicago-based DAC Developments, with additional support from the City of Aurora. The investment was arranged by Wheaton-based Geneva Capital Group, which also provided the $45 million senior loan for the project on behalf of its bank syndication program. Construction began in May 2024 and is expected to be completed in 2026.
“We are proud to have the opportunity to work with DAC and the City of Aurora to provide the gap financing necessary for the development of this historically significant project,” said Steve Carlson, executive vice president, capital markets at Waterton.
The Residences at Eastbank is a fully entitled multifamily development and the location is walkable tovretail, dining and entertainment options. Floorplans will include a mix of studios, one-, two- and three-bedroom residences.
