Vermillion lands $31M loan for Wicker Park luxury condo-townhome project

Vermillion President & CEO Dave Cocagne and a rendering of 1650 West Division Street (Credit: Vermillion Development)

Vermillion Development secured a $31.1 million construction loan for its Alcove M.D.P. luxury condo and townhome project in Wicker Park.

CIBC will provide the financing for the project, which will bring 43 condos and 12 townhomes to 1650 West Division Street, just west of the Polish Triangle.

A team from HFF led by Christopher Knight arranged the financing for Chicago-based Vermillion, which plans to break ground early next year. Pre-sales are underway.

It will feature a seven-story condo tower with two-, three- and four-bedroom units averaging 2,000 square feet, according to the developer. The condos will start at $600,000.

The four-bedroom townhomes will run between 3,000 and 3,500 square feet and include attached garages. They will start at $1 million, the developer said.

The development will be built on an existing parking lot.

The project is not far from where developer George Nediyakalayil is building a 99-key hotel on a former gas station property at North and Ashland avenues.

Hubbard Street Group and Centrum Realty recently completed the Wicker Park Connect apartment complex near the Division CTA Blue Line station, and they’re bringing in Philz Coffee from San Francisco as a retail tenant.

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