Peter Holsten Of Holsten Real Estate Development Secures $45M Loan From J.P. Morgan For Parkside 5

The asset involved is a development site located at the intersection of North Halsted Street and West Division Street in Chicago. The property is set for a project valued at $67.2 million, including the construction of Parkside 5, which will comprise 99 mixed-income units on the former Cabrini-Green site.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $45,000,000
• Lender: J.P. Morgan
• Landlord: Peter Holsten - Holsten Real Estate Development
• Broker: Jennifer Erixon - Walker & Dunlop
• Project Details: 37 CHA units, 28 low-income units, 34 market-rate units
• Funding Sources: $22.6M in tax credits, $23M loan
• Collaboration: Co-developed with Cabrini Green LAC-CDC
• Supporting Funds: Backed by city TIF funds

Key individuals in this transaction include Peter Holsten, representing Holsten Real Estate Development, and Jennifer Erixon, acting as the broker from Walker & Dunlop. The project financing combines equity and construction components, enabling the development of the final phase of the redevelopment initiative.