GenX Capital Partners Secures Equity For $33 Million Chicago MF Development
1122 Chicago will be an upscale, 97 Unit MF/mixed use project developed by Lipe Property Company
GenX Capital Partners announced today they secured $6.775 million in preferred equity for 1122 W. Chicago, a mixed-use development from The Lipe Company, located on the northwest corner of Chicago Avenue and Milwaukee Avenue in Chicago’s River West neighborhood at 1122 W. Chicago Avenue. GenX Capital Partners Managing Director, Mark McClure, stated he secured the advantageous equity through one of their publicly traded REIT relationships (NASDAQ).
“The Lipes track record, which is exemplary, speaks for itself, and our investors jumped at the opportunity to not only partner on a project that is right in their wheelhouse geographically and financially, but also partner with a sponsor they can trust to execute on their plan. The Lipe Company checks all the boxes in that regard. Furthermore we were able to secure Preferred Equity several hundred basis points below what a traditional LP partner would demand, so it was win-win all around”, McClure stated.
The $33 million development includes an assemblage of three parcels totaling 18,268 square feet owned by 1122 Chicago LLC. The site has been assembled by Lipe Property Company and has been rezoned to a Planned Development, permitting a 95,000 square foot, seven-story Transit Oriented Development with up to 97 residential units and ground floor commercial space. Construction is planned to begin in the next 2 weeks.
The ground floor will include 6,017 square feet of retail space, 23 garage parking spaces and both indoor and outdoor bicycle parking. The upper six levels are planned for 97 apartment units consisting of 39 studio units, 21 one-bedroom units, 25 two-bedroom units, and 12 three-bedroom units with 19 of the apartments to be rented as affordable units, with 10 units at 60% of median income and 9 units at 100% of median income.
Besides simply being close to downtown and its 300,000 jobs, 1122 W. Chicago sits at the intersection of the three adjacent areas primed for significant employment growth: Fulton Market/West Loop, The River District (redevelopment of the Chicago Tribune printing plant property) and Sterling Bay’s Lincoln Yards. Each of these areas are well positioned to attract any large-scale corporate relocation and small and mid-sized technology driven companies less attracted to the locating in the Loop.
