Updated Oct 29, 2024
UnitedHealth Group Provides $15.4M Loan For Development Site In Chicago
508 West Pershing Road, Chicago, IL, USA
$15,400,000
$5,133/SF
Building Size
3,000 SF
Asset Type
Development Site
Closing
Feb 1, 2021
About this deal
AI
A development site located at 508 Pershing in Chicago has recently been involved in a closed transaction. The property, which is part of the affordable housing sector, has attracted the attention of various parties. Bart Mitchell, representing the National Affordable Housing Trust and The Community Builders Inc. (TCB), acted as the landlord in the deal.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $15,400,000
- Lender: UnitedHealth Group
UnitedHealth Group provided a loan amounting to $15,400,000 for the development site at 508 Pershing. This financial support from UnitedHealth Group is expected to contribute to the development and enhancement of affordable housing in the Chicago market. Bart Mitchell, representing the National Affordable Housing Trust and The Community Builders Inc. (TCB), played a significant role as the landlord in this transaction, demonstrating their commitment to providing affordable housing options in the area.
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
1.03%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93