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Wells Fargo Secures $145M for Chicago Multifamily Property
Wells Fargo’s Multifamily Capital (MFC) group has secured $145 million for Intercontinental Real Estate Corporation for the construction take-out of Porte Apartments, a market-rate, mixed-use development in the West Loop neighborhood of Chicago, Illinois.
The five-year, fixed-rate term with four and a half years of prepayment provides the sponsor with short-term fixed-rate financing. A portion of the housing at Porte Apartments will be affordable, with 59 units of the residences set aside for residents making less than 60 percent of Area Median Income.
Located at 845 West Madison Street, Porte Apartments was built in 2020. The property features 586 units in a mix of apartment sizes ranging from studios to three bedrooms and from 557 to 1,396 square feet. The property includes a 3rd-floor deck with an outdoor pool, kitchens and grilling stations, and an artificial turf lawn. Indoor amenities also include working stations, a fitness center with a yoga studio, dog wash areas, and private gaming areas.
