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CHICAGO-Urban R2 Development Co., based here, has received a nearly $8.4-million loan from Kennedy Funding Inc., based in Hackensack, NJ. The loan is for Catalyst, a 22-story condominium tower at 123 N. Des Plaines St. The estimated cost of the project is $100 million, according to a statement from Urban R2 Development Co. Representatives from Kennedy Funding did not respond to a request to be interviewed.

The building, which was designed by Lucien Lagrange, will have 217 condominium units, 15,000 sf of retail space and 225 parking spaces in an enclosed garage. The development will have studio, one, two and three-bedroom condominium units in addition to penthouses, according to information on Catalyst’s website. The sales prices for the units range from slightly more than $200,000 to more than $1 million, according to a statement from Kennedy. The upper level will have an exercise facility, sauna, massage therapy room, Jacuzzi, meeting room, party room and patio. Building amenities will also include an onsite Walgreen’s and an indoor dog run, according to information on Catalyst’s website. A third of the units have already been sold, according to the statement.

The 34,269-sf site at the corner of Des Plaines Street and Washington Boulevard, which is currently public parking, is the collateral for the loan, according to the statement. Urban R2 previously developed the 41-story condominium building at 600 N. Fairbanks Ct. in the Streeterville community, as previously reported by GlobeSt.com.

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