Developers close on financing for 410 N. Elizabeth

Chicago-based Tree Street Group, together with development partners Magellan Development Group and Mark Goodman & Associates, has announced that they have closed on construction financing with Bank OZK, who provided a senior loan, and junior capital from Beach Point Capital and Circle Property Partners on 410 N. Elizabeth, the first phase of a two-tower development plan at the west end of Fulton Market. 

“Closing on financing for 410 N. Elizabeth is a significant milestone for our team, one that dares to achieve what no one else has attempted – Chicago’s first geothermal multifamily high-rise,” said Ted Weldon, principal of Tree Street Group (TSG). “Our ability to move forward on this project underscores the faith of the many parties involved that Chicago is a national leader in sustainable development and a premier market for institutional investment.”

Planned as the first of two towers, 410 N. Elizabeth will include 383 units, with 77 designated as affordable. Residences are comprised of 38 studios, 87 one-bed, 256 two-bed and two three-bed apartments. Upon completion of both phases, the development will bring more than 724 total units, with 146 earmarked as affordable.

Designed by Archeo Design Studio, the tower will feature a gridded facade made up of metal paneling and glazing with ground-floor retail spaces located adjacent to a privately maintained but publicly accessible park, which features green space and a 30-foot-wide pedestrian street running across the southern end of the site. The pedestrian way will connect Elizabeth Street with Ogden Avenue, providing a gateway to the planned Fulton Market Metra Station planned west of the development site. 

According to the developers, the geothermal design and associated energy savings of 410 N. Elizabeth unlocked additional capital for the building, which was provided by Infinite Energy Partners, who will own and operate the pioneering system. This system, along with other key design features, will reduce energy usage by an estimated 60%, enabling the building to be Chicago’s first fully electric multifamily high-rise. As a result of lower energy use, the building is projected to reduce emissions by 30% and energy cost-savings by more than 25%. Contributing significantly to the project’s unprecedented energy efficiencies is a triple-glazed window wall system by Reflection Window + Wall that will also help reduce noise pollution and enhance resident comfort.

 With Clark Construction serving as the general contractor for the development, construction on the building’s foundations has already begun. A tower crane permit, a caisson permit, and a foundation/superstructure permit have all already been issued, allowing the contractor to begin work while awaiting the full building permit.