5050 N. Broadway, Chicago, IL 5050 N. Broadway, Chicago, IL

CHICAGO, IL—CEDARst Companies has secured financing on The Draper, 5050 N. Broadway, a mixed-use development project in Chicago's Uptown neighborhood.

The recent closing allows CEDARst to complete Phase I of a planned two-phase development. Total project costs for the development of Phase I are estimated at $115.45 million. CEDARst raised $41 million of project equity.

Jones Lang LaSalle Capital Markets experts secured a $13 million structured finance piece provided by Urbanite Capital and a $61.25 million construction loan from Bank OZK. Executive vice president Chuck Johanns and managing director Dave Hendrickson led the JLL team handling the financing on behalf of CEDARst.

CEDARst is delivering top quality multifamily into a highly occupied submarket at a great cost basis, and their vision and strategy really resonated with the lending community,” says Johanns.

CEDARst is working to convert the former 400,000 square foot office building into 342 amenity rich residential units, managed by its well-recognized brand, FLATS. Work is progressing on schedule, with Pepper Construction serving as the general contractor of record. Slated for a summer 2019 opening, installation of the glass curtain wall has started, and demo of an expansive new courtyard is almost complete. The concrete structural shell of an outdoor pool has been installed on the planned seventh-floor rooftop terrace with more than 10,000 square feet of amenity space planned throughout the building. And, the eagerly-anticipated 12th floor restaurant's steel structural work has begun. Positioned along Broadway, this building is the tallest in the area, providing unobstructed city and lake views from this 12th floor addition.

In addition, the building will include a multi-level fitness center, co-working space, an activated public lobby, as well as multiple other commercial spaces on the ground level.

Booth Hansen is the project architect.

“This was a rare opportunity for us to renovate a tired office building into a vibrant apartment community, with extensive amenities and ground floor retail. The building has a great deal of history within the community, we were excited to restore it,” says Will Murphy, CEDARst managing partner.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].