Deal Details
Private Loan Type
Commercial Ground-Up Construction
Approx. Funding Date
09/30/2020
Property Type
Property City
Chicago
Property State
IL
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Neighborhood
Avondale
Number of Units
67
Lot Acreage
2.2
Borrower Credit Rating
Excellent
Deal Summary
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.