Cedar Street clears $44 million in construction financing for Uptown office building conversion

Chicago developer CedarST has obtained $44 million of construction financing, clearing the way to redevelop the Bridgeview Bank office building in Uptown into 176 apartments.

Crain’s Chicago Business reports that Wisconsin-based Associated Bank arranged the financing package for the 12-story building at 4753 N. Broadway St., built in 1925. Cedar Street acquired the property in the spring of 2019.

The funding package includes a $35.4 million construction loan, a federal historic tax credit bridge loan of $3.4 million and $5 million in federal historic tax credits, according to a statement from the Green Bay lender.

The bank says the developer plans to convert floors five through 12 in the building into apartments. When work is completed by the first quarter of 2023, the building will include 20 micro-units, 100 studios and 56 one-bedroom units.

Cedar Street plans no changes to the ground-floor retail space or office space on floors two through four, but it will turn the atrium and mezzanine space on the second and third floor into shared office space, the bank said.