CHICAGO-The developers of the $260-million New City development near Lincoln Park has secured a $182-million construction loan, due in large part to its lease deal with Dick's Sporting Goods.
The New City project being led by Structured Development LLC and Bucksbaum Retail Properties LLC of Chicago secured the loan commitment from BMO Harris Bank N.A. and Fifth Third Bancorp. Structured Principal J. Michael Drew credits the 59,000-square-foot lease at the mixed-use project with Dick's Sporting Goods in helping land the financing, according to Crain's Chicago Business.
The loan will be split up and syndicated to other banks. The financing is expected to close by year's end.
The New City development, when completed will include approximately 360,000 square feet of retail space, a 19-story, 199-unit apartment building, about 40,000 square feet of medical office space and a 1,100-vehicle garage. See story in Crain's Chicago Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
