$64 Million in Financing Secured for Chicago Residential Project

Riverside Investment & Development's 12-story, 199-unit development at 566 W. Van Buren moves forward with HUD loan and equity backing.

Apr. 9, 2026 at 2:30pm

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A miniature, stylized 3D illustration of a 12-story residential building with clean lines, bold colors, and amenity spaces, representing the new 566 W. Van Buren development in Chicago.A conceptual rendering of the modern, amenity-rich 566 W. Van Buren residential development in Chicago's West Loop neighborhood.Chicago Today

Chicago-based developer Riverside Investment & Development has announced the closing on $64 million in financing for their newest residential development at 566 W. Van Buren. The $85 million, 12-story project will replace a vacant lot and feature 199 residential units, along with amenities like a coworking space, fitness center, and pool.

Why it matters

This project represents a significant investment in Chicago's West Loop neighborhood, which has seen steady residential and commercial growth in recent years. The financing from HUD and Riverside's partners signals confidence in the local real estate market and the developer's ability to deliver a high-quality, amenity-rich multifamily building.

The details

The updated 566 W. Van Buren development will stand 12 stories tall and include 199 residential units, down from the original 2022 plan. The unit mix will feature 52 studios, 113 one-bedrooms, and 34 two-bedrooms. Residential amenities will include a coworking space, mail room, fitness center, bike room, club room, and outdoor deck with a pool and grilling area. Parking will be reduced from 76 to 42 spaces on the ground floor.

  • In 2022, Riverside demolished a pair of existing buildings on the site.
  • In April 2026, Riverside closed on $64 million in construction financing through the HUD 221(d)(4) program.
  • The project is targeted for completion in May 2027.

The players

Riverside Investment & Development

A Chicago-based real estate development firm leading the 566 W. Van Buren project.

Blue Star Properties

A Riverside partner on the 566 W. Van Buren development.

Metropolis Holdings

A German family office that is a Riverside partner on the 566 W. Van Buren development.

Antunovich Associates

The architecture firm designing the 566 W. Van Buren project.

Clark Construction

The general contractor that will build the 566 W. Van Buren development.

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What’s next

With the necessary permits already issued, construction on the 566 W. Van Buren project is expected to begin imminently and continue through the targeted May 2027 completion date.

The takeaway

The financing and development of 566 W. Van Buren demonstrates the continued strength of Chicago's multifamily real estate market, as well as Riverside Investment & Development's ability to execute complex urban infill projects with the support of institutional capital partners.