Aries Gets $10M for Student Housing in CBD

CHICAGO—Student housing in downtown Chicago just got another boost. Aries Capital just arranged for $10 million of historic tax credit financing to fund Campus Acquisitions’ redevelopment and conversion of the landmark Gibbons and Steger buildings at 20-28 E. Jackson Blvd. into student housing. Chairman and CEO Neil Freeman and Assistant Vice President Joshua Krueger of Aries’ Chicago office handled the transaction.  

The Chicago-based CA will use the funds to help transform the 16-story Gibbons and 19-story Steger buildings, as well as the tiny Pickwick Stable sandwiched between the two at 22 E. Jackson, into 194,000-square-feet of new student housing. The development will feature 135-units with 483 beds and 10,500-square-feet of ground level retail. CA will finish the project in August 2014 and open it to many of the colleges and universities that have populated the downtown with students. Although the company operates thousands of student housing units at major universities such as the University of Illinois, the University of Michigan, Purdue University, and many others, this is their first foray into downtown Chicago.