Affinius Capital Provides $130M Construction Loan for Chicago Multifamily Tower

A joint venture between Mavrek Development and Fengate Asset Management has secured $130.4 million in construction financing to build a 25-story, 380-unit multifamily tower in Downtown Chicago, Commercial Observer can first report. 

Affinius Capital provided the debt, while CBRE’s John Parrett arranged the transaction. 

David Greenburg, managing director and co-head of debt origination at Affinius Capital, described the new project at 1000 West Jackson Street as an “institutional-quality multifamily development,” and noted Chicago’s West Loop has been constrained by low multifamily supply but high population growth due to the renaissance of the Fulton Market neighborhood. 

“1000 West Jackson pairs proven sponsorship with strong fundamentals, and we look forward to working with Mavrek and Fengate,” he added. 

Located in Chicago’s West Loop — a live-work-play neighborhood that has seen billions of dollars of new development invested into its real estate in the last decade — the new asset will feature more than 21,500 square feet of ground-floor retail space and divide its residential units between 304 market-rate units and 76 affordable units. 

The asset will feature approximately 31,000 square feet of indoor and outdoor amenities, including a pool, a fitness center with a basketball court, a resident lounge, coworking spaces, and on-site indoor parking, 

Construction broke ground this month and is expected to finish in mid-2028. 

Brian Pascus can be reached at bpascus@commercialobserver.com.