Chad Broderick And Jim McShane Secure $31.8M Construction Loan For Downers Grove Development Site

A $31,800,000 construction loan has been secured for a development site located at 750 Curtiss Street in Downers Grove. The asset is earmarked for a 138-unit, six-story apartment project, which is scheduled for completion in spring 2027. The development will be constructed by McShane Construction, with backing from equity partner Bailard.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $31,800,000
• Lender: Associated Bank
• Landlord: Chad Broderick - LCI Development Partners
• Landlord: Jim McShane - Conor Commercial Real Estate
• Loan Type: Construction

The deal involves prominent entities, including LCI Development Partners and Conor Commercial Real Estate, led by landlords Chad Broderick and Jim McShane respectively. Their collaboration facilitated the acquisition of the loan from Associated Bank, which aims to support the project's ambitious scale and timeline.