Crain’s Chicago Real Estate Daily reported last Friday that developer Dan Moceri had secured a $37.5 million construction loan for a 15-story, 198-unit apartment project at 601 W Jackson in the West Loop. That news came six months after the project’s architect stated that construction financing was in place. At that time construction was expected to begin last November and be completed in sixteen months.
The site, at the southwest corner of Jackson and Jefferson, is currently a surface parking lot.
The 220-unit Catalyst, which should open this summer at 123 N Desplaines, is the only other apartment project underway east of the expressway in the West Loop.
More than 800 units are currently under construction west of the expressway in the West Loop, an area that hosted only 280 rental units prior to this year.