Updated Jul 29, 2026
FINANCEDDevelopment Site
Robert Sekula Of North Park Ventures And Scott Schiller & Michael Schwartz Of SNS Realty Group Secure $28.35M Construction Loan For Development Site In Chicago
3243 North Sheffield Avenue
$28,350,000
Units
99
Asset Type
Development Site
Closing
Jul 2, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 3243 North Sheffield Avenue in the Chicago market. The site comprises 99 units with a building square footage of 101,000. A construction loan of $28,350,000 has been secured for this project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $28,350,000
- Lender: Associated Bank
- Landlord: Robert Sekula - North Park Ventures
- Landlords: Michael Schwartz & Scott Schiller - SNS Realty Group
The deal involves key representatives including Robert Sekula from North Park Ventures and Michael Schwartz & Scott Schiller from SNS Realty Group. These individuals represent significant stakeholders in the development project associated with this loan transaction.
On the Map
$28,350,000
Development Site
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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
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93