loader image

Onni lands $125M construction loan for next phase of 3-tower resi project

Onni Group President Rossano de Cotiis

The Onni Group secured a $125 million construction loan for the second phase of its massive Old Town Park rental complex.

Wells Fargo is providing financing for the 428-unit tower that Onni is building at 202 West Hill Street in Old Town, according to property records. Now under construction, it will feature a six-story podium with a parking garage and ground-floor retail space.

The 39-story building joins a 32-story, 405-unit tower Onni erected at 1140 North Wells Street. The two towers will be part of a three-building complex on the grounds of the former Atrium Village apartment complex, according to Curbed. The third tower will also be 39 stories.

A spokesperson for Vancouver-based Onnie did not immediately return a call seeking comment.

In addition to the three towers, Onni will rehab one of the 1970s-era Atrium buildings at the northwest corner of the property, Curbed reported.

Not far from the Old Town Park complex, Onni is planning a 41-story, 356-unit residential tower at 353 West Grand Avenue in River North.

But the developer backed out of another rental project in September, nixing a deal with Greyhound to build an apartment complex on the bus company’s eight-acre Goose Island facility. The deal had been lined up for nearly a year, but fizzled in part because of the tighter affordability requirements the city imposed on new development in some areas late last year.

Onni earlier this year paid $17.5 million to acquire a property at 352 North Union Avenue from Cardiff Mason Development, three months after the city approved plans for a 373-unit apartment building to rise on the site.

Recommend0 recommendationsPublished in Real Estate

Share this story with your network.

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on print

Responses

Recent Stories

Del Marie: locked down, but not out

The rapper-dancer-performance poet rolls with the pandemic punches. 2020 started off so well. January and February were great months for 27-year-old rapper, dancer, and performance

Read More »

Speak with a local expert now.

Learn more about this recent happening by speaking with an agent.

X