Affinius Capital Backs West Loop Tower With $130 Million Construction Loan

Affinius Capital Backs West Loop Tower With $130 Million Construction Loan

A joint venture between Mavrek Development and Fengate Asset Management has landed a $130.4 million construction loan to build a 25-story apartment tower at 1000 West Jackson Street in Chicago’s West Loop, according to a report first published by Commercial Observer.

Affinius Capital supplied the debt, with CBRE’s John Parrett handling the arrangement. Notably, shares of CBRE Group traded at $139.98 in recent activity, up 1.02% from the prior close of $138.56, giving the real estate services firm a market capitalization of roughly $40.5 billion.

Project Details

The planned tower will rise 25 stories and contain 380 residential units, split between 304 market-rate apartments and 76 affordable units. The ground level will hold more than 21,500 square feet of retail space, while roughly 31,000 square feet of indoor and outdoor amenities will include a pool, a fitness center with a basketball court, a resident lounge, coworking areas, and on-site indoor parking.

Construction broke ground this month, with completion targeted for mid-2028.

Why the West Loop

David Greenburg, managing director and co-head of debt origination at Affinius Capital, characterized the development as institutional-quality multifamily product in a submarket where new apartment supply has lagged. He pointed to the Fulton Market district’s transformation as a driver of population growth in the area, which has attracted billions of dollars in real estate investment over the past decade.

The deal adds to a steady pipeline of construction financing for Chicago’s Near West Side, where developers continue to push mixed-use projects combining apartments with ground-floor retail. The partnership structure — pairing a local developer with an institutional capital partner — has become a common template for large-scale multifamily builds as lenders remain selective about sponsorship quality.

For Affinius, the loan represents continued activity in construction lending for residential projects in major metros, while for CBRE it marks another debt-arrangement mandate in the Midwest market.

What to watch

• Progress milestones on the tower’s construction ahead of the projected mid-2028 completion date.
• Leasing or pre-leasing activity for the 21,500 square feet of ground-floor retail space.
• Additional construction financing announcements in the West Loop as supply remains constrained.
• CBRE’s upcoming quarterly earnings, which may provide further detail on its debt-origination business.

Source: original release