DAC Developments and Melrose Ascension Capital to develop a Class A 19-storey residential tower in Downtown Chicago, following $53m from OakNorth. The loan will be used to support the development of a Class A 19-storey residential tower in Downtown Chicago. Located at 630 S Wabash, the site will offer 164 highly amenitized and highly affordable residential units, over 4k sq. ft. of retail space and 64 parking spaces. Residents will have access to high-end amenities such as a spa, rooftop pool and hot tub, basketball court, coworking space, and fitness center — all located on the upper floors of the building.
About DAC Developments: Founded in 2016, DAC Developments is a Chicago-based real estate development company with a focus on multifamily residential and mixed-use ground up developments. With 85 projects completed to date and over $2bn of real-estate assets developed, the firm is committed to delivering high-spec residential spaces for people from all walks of life, young or old, urbanite or suburban commuter, single or family. Melrose Ascension Capital is a private equity real estate development and investment firm based in Chicago, that is currently developing one million sq. ft of multifamily projects in Chicago and across the US. The firm specializes in utilizing industry fundamentals, innovation, and a relationship-oriented approach to source, capitalize, and execute its multifamily projects alongside global capital partnerships, and prioritizes catering each to demographics that are often outpriced and overlooked by other housing developers.