111 W. Monroe (Harris Bank)
111 W. Monroe St, Chicago, IL 60603
Snapshot
- Year built
- 1911 + 1958
- Original use
- Bank / office
- Redevelopment
- Mixed-use: 345 apartments + 228-key hotel
- Status
- City Council approved 2025-04-16; Chicago Landmark + Class L approved 2025-07
- TDC
- $203.0M
- Units
- 345 total · 105 affordable (30%)
- Developer
- Prime Group + Capri Investment Group
- Developer tier
- APrime Group has done multiple Loop adaptive reuse deals and partners with Monarch-adjacent capital
- Last updated
- 2026-05-20
What Monarch would syndicate
~$28.0M
tax equity Monarch would write a check for
- Federal HTC$25.0M
- Illinois State HTC$3.0M
Additional credits not yet quantified
- LIHTC (4% / 9%) · paired with MRBs
Deal capital structure (context)
Non-syndicated capital sources on this deal. Listed for awareness; not part of what Monarch writes a check for.
- Class L· property tax assessment
- TIF· city subsidy$40.0M
- Multifamily revenue bonds· MRBs$40.0M
Scoring
Scored 0-103 across 5 categories. ≥70 = term-sheet ready. ≥55 = watchlist. Full rubric in Methodology.
- Credit stack density23 / 30
Federal HTC + State HTC + LIHTC
- Historic readiness14 / 20
NR-listed + Part 1 inferred + State HTC pre-allocation + Class L
- Policy environment18 / 18
State Tier A + LaSalle/RERZ bonus
- Developer relationship15 / 15
Tier A repeat partner
- Size and feasibility16 / 20
TDC adjacent to modal band + HTC gap stated + ≥30% affordable
Recommended action
High priority.
Hotel + residential mix means dual revenue stream and broader credit eligibility. Contact Prime Group BD lead.
Recommended Monarch contact: Rick Chukas + Steve LeClere (joint HTC/LIHTC)
Similar past deals
Kinley Hotel (Denton / Jeweler's Exchange Building)
Cincinnati, OH
$26.0M TDC
built 1915 · Jeweler's Exchange
Kimpton Cottonwood Hotel (Blackstone Hotel)
Omaha, NE
$75.0M TDC
built 1915 · Hotel
Sources
- https://chicagoyimby.com/2025/07/residential-and-hotel-conversion-of-111-w-monroe-street-moves-forward.html
- https://blockclubchicago.org/2025/04/16/2-more-lasalle-street-buildings-to-be-converted-into-apartments-after-city-council-approves-funding/
deal.id: 111-w-monroe · scored 2026-05-20 17:31 UTC · last refreshed 2026-05-20 · source: pipeline.json