Chicago Construction Lenders for Commercial Real Estate
Are you building a commercial property in Chicago? On this page you'll find a list of private construction lenders for commercial real estate ground-up projects in Chicago's urban areas. The maximum loan-to-completed value (LTCV) for most lenders is 70%. You typically need to contribute 25%-35% of the project costs and have cash reserves. Development experience is always required. Most lenders will require the project to be fully entitled and shovel ready. Some lenders will consider funding up to 50% of the land acquisition. Our platform has construction lenders for various types of commercial real estate, including industrial, retail, self-storage, hotels, gas stations and others.Searching...
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CRE Construction Loan Transactions in Chicago
Private Construction Loan for Townhouse Development in Chicago, Illinois
$22,750,000
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.