As reported in Crain's real estate blog, ChicagoRealEstateDaily.com, the 499-unit apartment tower designed by bKL has secured a construction loan. The developer of the project, Magellan Development Group LLC, is borrowing $99.5 million from Northwestern Mutual Life Insurance Co. In addition, Magellan and its equity partner, JP Morgan Asset Management, are investing $50 million in the Lakeshore East apartment project. With a booming rental market in Chicago, the Lakeshore East apartment tower will be one of the first new buildings to respond to the growing demand in downtown Chicago. The project is due to break ground early next month.

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