Updated Oct 28, 2024
Wells Fargo Bank Provides $150M Construction Loan For Development Site In Chicago
1237 West Division Street, Chicago, Illinois 60610, United States
$150,000,000
$125/SF
Building Size
1,200,000 SF
Asset Type
Development Site
Closing
Aug 30, 2022
About this deal
AI
Located at 1237 West Division St in Chicago, this development site spans across 11.5 acres with a building square footage (BSF) of 1,200,000. The property, owned by Logistics Property Co., recently underwent a closed transaction.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $150,000,000
- Loan Type: Construction Loan
- Lender: Wells Fargo Bank - Michael Svets & Jeff Goodman; Inland Bank & Trust; Associated Bank
Wells Fargo Bank, represented by Michael Svets and Jeff Goodman, played a prominent role in providing the construction loan for this deal. Alongside Wells Fargo, Inland Bank & Trust and Associated Bank also contributed to the financing.
Players
Chicago Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93