Wells Fargo Arranges $145 Million in Construction Financing for Porte Apartments in Chicago

by Channing Hamilton

CHICAGO — Wells Fargo’s Multifamily Capital group has brokered $145 million in construction take-out financing for Porte Apartments, a 586-unit complex in Chicago’s West Loop. The loan features a five-year term at a fixed interest rate. Intercontinental Real Estate Corp. was the borrower. Porte Apartments was built in 2020 at 845 W. Madison St. The community offers units ranging from 557 to 1,396 square feet in size. Amenities include a pool, resident lounge, fitness center, work-from-home stations, dog wash areas and private gaming spaces. Ten percent of the units are designated as affordable and are set aside for households making at or below 60 percent of the area median income.

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