208 S. LaSalle (Continental & Commercial Bank, lower JW Marriott)
208 S. LaSalle St, Chicago, IL 60604
Snapshot
- Year built
- 1911-1914
- Architect
- D.H. Burnham & Co.
- Original use
- Bank / office (lower floors operate as JW Marriott)
- Redevelopment
- 226 apartments on floors 13-17 (above existing hotel)
- Status
- City Council approved 2025-04-16
- TDC
- $123.0M
- Units
- 226 total · 68 affordable (30%)
- Developer
- Prime Group
- Developer tier
- A
- Last updated
- 2026-05-20
What Monarch would syndicate
~$21.0M
tax equity Monarch would write a check for
- Federal HTC$18.0M
- Illinois State HTC$3.0M
Additional credits not yet quantified
- LIHTC (4% / 9%)
Deal capital structure (context)
Non-syndicated capital sources on this deal. Listed for awareness; not part of what Monarch writes a check for.
- TIF· city subsidy$26.2M
- Multifamily revenue bonds· MRBs$25.0M
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 readiness10 / 20
NR-listed + State HTC pre-allocation
- 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.
Same developer (Prime Group) as 111 W. Monroe, so a single conversation can cover both deals. Contact Prime Group BD lead.
Recommended Monarch contact: Rick Chukas
Similar past deals
Hotel Retlaw
Fond du Lac, WI
$27.5M TDC
built 1923 · Hotel
Bank of New Orleans / Fairmont New Orleans
New Orleans, LA
TDC ·
SOM · built 1971 · Bank HQ
Sources
- https://blockclubchicago.org/2025/04/16/2-more-lasalle-street-buildings-to-be-converted-into-apartments-after-city-council-approves-funding/
- https://chicagoyimby.com/2024/10/70351.html
deal.id: 208-s-lasalle · scored 2026-05-20 17:31 UTC · last refreshed 2026-05-20 · source: pipeline.json