Updated Oct 29, 2024
CIBC Bank Provides $82M Construction Loan For West Loop Development Site
1101 West Van Buren Street, Chicago, Illinois 60607, United States
$82,000,000
Building Size
—
Asset Type
Development Site
Closing
Dec 28, 2022
About this deal
AI
The development site located at 1101 West Van Buren Street in West Loop, Chicago, was involved in a recent closed transaction. The property, owned by Pizzutti Companies and represented by Joel Pizzutti, was the subject of a loan provided by CIBC Bank.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $82,000,000
- Loan Type: Construction Loan
The loan, provided by CIBC Bank, enabled the development of the property at 1101 West Van Buren Street. The involvement of Pizzutti Companies, led by Joel Pizzutti, as the landlord and property owner, highlights their role in the transaction. This deal signifies the value and potential of the development site in the West Loop market.
Players
Chicago Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93