Related Secures Construction Loan For High-Profile One Bennett Park Project

Although condos for sale at One Bennett Park have already been listed on the MLS for weeks, the project is now cleared for takeoff so-to-speak as reports are surfacing about Related Midwest finally clearing a $240 million construction loan to finance the massive new project. 

Once finished, One Bennett Tower will feature 69 condo residences and a whopping 279 apartment residences, easily making it one of downtown Chicago’s largest projects to get underway since before the housing crash. 

According to a report from Crain’s, the $240 million loan will only cover about 60% of what it will take to building the roughly $400 million tower, which will be located at 451 E. Grand right in the heart of Chicago’s Streeterville neighborhood. 

As you might’ve already noticed from the few listings that are currently active on the market,  the luxurious Robert A.M. Stern-designed building features condo units that are priced from $1.85 million up to $15 million, making it one of the city’s most expensive condo towers selling right now.  

The apartments at One Bennett Place, which will be on the building’s lower floors, are expected to be finished sometime towards the end of 2018, while the condo residences won’t be finished until early 2019.