Essex Capital Markets Arranges $2,655,000 Acquisition Loan For Development Site In Chicago

The asset involved in the transaction is a development site located at 2323 West Grand Avenue in Chicago's West Town neighborhood. The total loan amount for the acquisition is $2,655,000, allocated for a ground-up development that totals 62,100 gross square feet. This development is planned to consist of 52 residential units and one retail space, with 10 of the residential units designated as affordable under the AHSAP LAC Tier 1 program.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $2,655,000
• Address: 2323 West Grand Avenue
• Market: Chicago
• Asset Size: 62,100 GSF
• Residential Units: 52
• Retail Space: 1
• Affordable Units: 10 under AHSAP LAC Tier 1

The deal was facilitated by Asher Motew and Quinn Keenan from Essex Capital Markets, who acted as capital markets advisors. They arranged the acquisition loan and structured the closing to ensure it met a hard deadline tied to zoning approval. The sponsor of the project is a repeat-client family office, which is also establishing a new lending relationship beyond its existing bank.