Catalyst finds its financing

Rendering of Catalyst, ChicagoCan’t say I saw this one coming.

Developer Gary Rosenberg says he’s found $100 million to build Catalyst, the 220-unit tower planned for the northeast corner of Washington Boulevard and Desplaines Avenue in the West Loop, according to Crain’s. He won’t reveal the name of his financier or explain how he landed backing with only 75 pre-construction contracts, but he says construction will move forward this summer.

The funding will also help Rosenberg resolve an earlier lender’s $8.7 million foreclosure suit against the site.

The 22-story steel-and-glass tower, designed by Lucien Lagrange Architects, will feature studios and one- to three-bedroom condos, three levels of parking, ground-level retail space anchored by Walgreens, and a 3,800 square-foot spa with exercise and massage facilities. Homes range from the $220s to $860s.

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