CityPads & Wayland Real Estate Capital Secures $31M Construction Loan For Chicago Development Site
1529 North Fremont Street
$31,000,000
Building Size
—
Asset Type
Development Site
Closing
Aug 22, 2024
AI
The asset involved in this transaction is a development site located at 1529 North Fremont Street in Chicago. The multi-housing project will consist of 132 units and will include modern and efficient units situated above retail space. Groundbreaking is set for the third quarter of 2024, indicating a focus on modern residential development in a prime location near downtown Chicago.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $31,000,000
- Loan Type: Construction
- Loan Terms: Four-year
- Landlord: CityPads & Wayland Real Estate Capital
- Brokers: Lucas Borges & Ryan Sullivan - JLL
JLL Capital Markets played a key role in securing the construction loan for this project, demonstrating a commitment to addressing the strong demand for multi-housing developments in the Lincoln Park area. The collaboration between CityPads and Wayland Real Estate Capital highlights a strategic investment in urban residential infrastructure.
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
0.51%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93