Division Street apartments secure financing

A month ago we visited a site at 625 W Division St that had just been cleared in preparation for construction of a 19-story, 240-unit apartment tower.

At the time, we questioned whether the project has the weakest location of any of the Near North Side developments on our at-a-glance list of new downtown apartment projects.

The site’s one clear plus factor is the new Target directly across Division St. Proximity to the Kennedy Expressway is a theoretical plus that dissolves in traffic that’s often painfully slow. There are almost no bars, restaurants, retail or other neighborhood attractions within a short walk of the property. CTA train lines are beyond walking distance.

Chicago Real Estate Daily is reporting that the project has secured a $45.3 million loan, so we’ll one day learn how renters rate this location in comparison with developments planned for locations further east.