Chicago West Loop development breaks ground with $130M loan

A joint venture between Mavrek Development and Fengate Asset Management has broken ground on Julep West Loop, a 25-story mixed-use residential development located at 1016 W. Jackson Blvd. in Chicago’s West Loop neighborhood.

Affinius Capital provided $130.4 million in construction financing for the project. The development will feature 380 residential units, consisting of 304 market-rate units and 76 affordable units. Additionally, the building will include more than 21,500 square feet of ground-floor retail space, intended to be anchored by an international grocery store.

Amenities for the site include a rooftop pool with cabanas, a fitness center, a pickleball court, a half-court basketball court, a dog run, and coworking spaces. Construction is currently underway and is expected to reach completion in mid-2028.