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CIBC Provides $27.9M Construction Loan For Development Site On S. Wood St. In Chicago

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FINANCED
$27,900,000

Illinois

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Development Site
Financed 09/19/2022
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FINANCED

CIBC Provides $27.9M Construction Loan For Development Site On S. Wood St. In Chicago

1134 South Wood Street, Chicago, Illinois 60612, United States

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Development Site
Financed 09/19/2022
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:Development Site
Transaction Type:Loan

A development site located at 1134 S. Wood Street in Chicago has recently secured a construction loan. The loan amount, provided by CIBC and its representative Michael G. Capatides, totals $27,900,000. The property, owned by The Chicago Lighthouse and Brinshore Development LLC, is poised for development in the near future.

Summary of transation details

  • Property Type: Development Site
  • Transaction Amount: $27,900,000
  • Address: 1134 S. Wood Street, Chicago
  • Lender: CIBC - Michael G. Capatides
  • Landlord: The Chicago Lighthouse & Brinshore Development LLC

The construction loan provided by CIBC, with Michael G. Capatides representing the lender, enables the development of the property at 1134 S. Wood Street. The owners, The Chicago Lighthouse and Brinshore Development LLC, have obtained the necessary financing to proceed with their development plans.

Players

Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce
LENDER

Details

FINANCED
IMAGE: Michael G. Capatides DATE: 09/19/2022 ADDRESS: 1134 S. Wood Street MARKET: Chicago ASSET TYPE: Development Site LENDER: CIBC (@CBIC) - Michael G. Capatides LANDLORD: The Chicago Lighthouse (@ChicagoLighthouse) & Brinshore Development LLC LOAN AMOUNT: $27,900,000 LOAN TYPE: Construction Loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$27,900,000.00

Monthly NOI$186,000.00
Monthly Debt Service$176,346.98
Change in Cash Flow$0.00
Refinance Proceeds$0.00