AURORA, ILL. — Waterton has contributed $16 million in preferred equity for the development of Residences at Eastbank, a five-story, 258-unit, mid-rise project underway in downtown Aurora, about 40 miles west of Chicago. Geneva Capital Group arranged the equity and provided a $45 million senior loan. Further support came from the City of Aurora. Construction began in May 2024 and is expected to be completed in 2026. According to the developer, DAC Developments, the total project cost is $90.4 million.
Floor plans will include a mix of studios, one-, two- and three-bedroom residences with private balconies on roughly half the apartment homes. Amenities will include an outdoor atrium with a resort-style pool, fitness center and outdoor seating fronting the banks of the Fox River, which is adjacent to the Fox River Trail. The property will also feature an indoor parking garage with more than 300 parking spaces.