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Chicago Construction Lenders for Commercial Real Estate
A list of private construction lenders for Chicago commercial real estate development projects, including multifamily, office, retail, industrial, mixed-use, hotels, and others. Ground-up construction financing is a rare offering in private lending. Most lenders will require the developer to have approved building plans. Only a handful of lenders will finance land acquisition and land development.
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CRE Construction Loan Transactions in Chicago
Private Construction Loan for Townhouse Development in Chicago, Illinois
Parkview Financial, a direct private lending firm, provided a $22,750,000 construction loan for the development of a for-sale, 67-unit townhouse project in the Avondale neighborhood of Chicago, IL. Sited on 2.2 acres, the project will consist of eight three-story buildings. Construction recently commenced with completion anticipated for Spring 2021. The project will offer a mix of three-, four-, and five-bedroom townhomes, each with a two- or three-car garage. All of the units will include a private rooftop, private yard, fireplace, high-end kitchen appliance package, and custom cabinetry. In addition, the complex will feature a clubhouse with a gym, kitchen, and party room; playground; grilling stations; and a dog run and dog washing area. This deal is Parkview’s second construction loan to the developer who has been a developer and property manager in the Chicago area since 2002. This private money construction loan was funded in September 2020.