79 W. Monroe (Rector / Bell Federal Building)
79 W. Monroe St, Chicago, IL 60603
Snapshot
- Year built
- 1905 / 1924
- Architect
- Jarvis Hunt
- Original use
- Office (Bell Federal Savings)
- Redevelopment
- Office-to-residential conversion, 117 units (35% affordable)
- Status
- Construction underway (broke ground 2025-03-27); Chicago Landmark designated 2025-03
- TDC
- $64.2M
- Units
- 117 total · 41 affordable (35%) · varies
- Developer
- R2 Companies + Campari Group (Lagfin)
- Developer tier
- BR2 is a known Chicago developer; not a confirmed Monarch repeat partner
- Last updated
- 2026-05-20
What Monarch would syndicate
~$10.8M
tax equity Monarch would write a check for
- Federal HTC$7.8M
- Illinois State HTC$3.0M
Additional credits not yet quantified
- LIHTC
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$28.0M
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 readiness12 / 20
NR-listed + Part 1 inferred + State HTC pre-allocation + (Part 1/Part 2/State HTC allocation likely, unconfirmed)
- Policy environment18 / 18
State Tier A + LaSalle/RERZ bonus
- Developer relationship10 / 15
Tier B established
- Size and feasibility20 / 20
TDC in modal band + HTC gap stated + ≥30% affordable
Recommended action
VERIFY first.
Construction is already underway, so tax equity may already be placed. If Monarch is not the syndicator, this is a competitive-intelligence data point on who closed it (Foss & Co.? Red Stone? Stratford Capital?). If still open, contact R2 Companies BD.
Recommended Monarch contact: Rick Chukas
Similar past deals
1904 Farnam
Omaha, NE
$25.0M TDC
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Kimpton Cottonwood Hotel (Blackstone Hotel)
Omaha, NE
$75.0M TDC
built 1915 · Hotel
Sources
- https://blockclubchicago.org/2025/03/27/on-lasalle-street-city-breaks-ground-on-first-office-to-apartments-development/
- https://www.enr.com/articles/62324-chicagos-79-w-monroes-office-to-residential-transformation
- https://www.chicagobusiness.com/commercial-real-estate/developers-start-79-w-monroe-office-apartment-conversion
deal.id: 79-w-monroe · scored 2026-05-20 17:31 UTC · last refreshed 2026-05-20 · source: pipeline.json