Thorofare Capital has provided a $13,200,000 first mortgage bridge loan to refinance 1840 and 1866 North Marcey Street, a 2.15-acre multifamily development site located in the Lincoln Park submarket of Chicago, Illinois.

The property currently consists of two existing flex office and industrial buildings totaling 89,191 square feet. The sponsor successfully completed a multi-year rezoning process, securing entitlements for the development of 590 residential units across two planned high-rise towers.

The proposed development includes a 16-story, 308-unit residential tower and a 19-story, 282-unit residential tower, each with ground-floor retail.

Loan proceeds were used to refinance the existing senior mortgage, fund reserves, and cover closing costs. The floating-rate, interest-only bridge loan carries a 12-month initial term, providing time for the sponsor to finalize plans, secure permits, and pursue construction financing.

The sponsor is an experienced Chicago-based real estate investment and development firm with a track record of large-scale urban repositioning and ground-up development projects.