CHICAGO — Associated Bank has provided a $29.4 million loan to a joint venture of North Park Ventures and SNS Realty Group for the development of a transit-oriented project at 3233-47 N. Sheffield Ave. in Chicago. The loan includes funds for the acquisition of the former Tortenson Glass Co., which includes approximately 30,000 square feet. Tortenson operated at the site from 1910 to 2024.
The five-story, 99-unit apartment building will offer 84 market-rate units and 15 affordable-housing units. Floor plans will consist of studios, one- and two-bedrooms. Amenities will feature a club room with coworking space, wellness center with a sauna, a rooftop deck with a dog run, and a bike room. There will be parking for 25 cars at the back of the site. The total project cost was not disclosed nor were rent restrictions on the affordable units.
The new development will be adjacent to the Belmont L Station. Demolition of the existing structures will begin within the next few weeks, and completion is slated for 2027.