Rodrigo D’Escoto Of Reflection Window & Wall And Ted Weldon Of Weldon Development Group Secures $102M Loan For Multifamily Project In Chicago

The asset involved in this transaction is a development site located at 410 North Elizabeth Street in the Chicago market. The property is intended for a multifamily project, and a construction loan of $102,000,000 has been secured to fund an initial phase of the planned two-tower development.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $102,000,000
• Lender: George Gleason - Bank OZK
• Landlord: Rodrigo d’Escoto - Reflection Window + Wall
• Landlord: Ted Weldon - Weldon Development Group
• Landlords: David Carlins & J.R. Berger - Magellan Development Group
• Loan Type: Construction

A joint venture led by Rodrigo d’Escoto and Ted Weldon, along with Magellan Development Group, has been formed to secure the loan. The financing reflects a continued interest from lenders in select construction projects despite a general slowdown in the market.