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Show Me The Money: Two Rental Towers Get Financing

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The rental market continues to heat up. Chicago Real Estate Daily is reporting that two developers have secured funding for their projects. One (pictured above, left) is a 42-story building at St. Clair and Illinois, which Curbed first reported on last week. It was designed by architect and developer David Hovey of Optima Inc., who has teamed up with DeBartolo Development LLC. The project will be financed by a construction loan and also an equity investment. In addition, developer Habitat Co. was able to obtain financing for a 43-story tower at 360 W. Hubbard St. in River North (above, right). Together the projects stand to add a total of 775 units to an increasingly crowded market.
·Pair of downtown apartment builders get funds to join crowded field [Chicago Real Estate Daily]
·Celebrated Architect David Hovey's Streeterville Debut [Curbed Chicago]
·360 W Hubbard: 450 More Apartments for River North [Curbed Chicago]