Citizens Bank provided a $50 million construction loan to an affiliate of Blue Vista Capital Management for a mixed-use housing development serving Chicago’s Hyde Park and Kenwood neighborhoods, Commercial Observer has first learned.
The rental property is being built in partnership with the University of Chicago, according to the borrower and lender. Avison Young and Atlanta-based Peak Campus Development are also partners in the $75 million project.
Construction on the 13-story development on 53rd Street, to be called Vue53, began in May and is due for completion in September 2016, according to recent reports. The property, when finished, will contain 267 units, 28,000 square feet of ground floor retail space and 225 parking spaces.
“We are very pleased to have worked with Citizens Bank on this transaction,” Blue Vista Capital Management Chairman and Co-Founder Robert Byron said in a prepared statement provided to CO. “The deal team at Citizens brought a number of great ideas to the table and executed the transaction seamlessly.” Vue53 will contribute to the growth of the 53rd Street corridor, Mr. Byron noted.
Blue Vista Capital Management, a Chicago-based investment management firm that acquires and develops real estate properties throughout the U.S., has participated in joint ventures representing more than $5.7 billion in total capitalization.
“Blue Vista Capital Management is a great client with an excellent business operation and this is an important project,” said Gary Magnuson, head of commercial real estate finance at Citizens Bank. “We are very pleased to help the Blue Vista team achieve their strategic and financial goals.”