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Onni Group secures $125M construction loan for Chicago project

Vancouver, Canada-based Onni Group of Companies Ltd. obtained a construction loan worth $125 million from Wells Fargo that will be used for the second phase of its Old Town Park rental complex at 202 W. Hill St. in Old Town, Chicago, The Real Deal reported, citing property records.

The first phase of the project comprises a 39-story, 428-unit property that will include a parking garage, ground-floor retail space and a six-story podium, the news outlet added.

The tower will join a 32-story, 405-unit building developed by Onni at 1140 N. Wells St. The towers will form part of a three-building complex, of which the third building will rise 39 stories, according to the report.

An Onni spokesperson did not respond to a request for comment, the news outlet noted.