MSD Capital Provides $102M Construction Loan For Mixed-use Development On East Grand Avenue In Chicago
218 East Grand Avenue, Chicago, Illinois 60611, United States
$102,000,000
Units
248
Asset Type
Mixed-use
Closing
Sep 25, 2022
About this deal
AI
A mixed-use development located at 218 East Grand Avenue in Chicago has recently secured a construction loan. The project, spearheaded by Mavrek Development's Anthonthy Hrusovsky, Adam Friedberg, Peter Koch, and Aaron Galvin, as well as GW Properties, Luxury Living Chicago Realty, and Double Eagle Development, is set to feature a total of 248 luxury apartments, along with 40,000 square feet of offices and street-level retail space.
Summary of transaction details:
- Property Type: Mixed-use Development
- Loan Amount: $102,000,000
- Lender: MSD Capital
- Landlord: Mavrek Development - Anthonthy Hrusovsky, Adam Friedberg, Peter Koch, and Aaron Galvin; GW Properties; Luxury Living Chicago Realty; Double Eagle Development
MSD Capital has provided the construction loan for this mixed-use development project, enabling its completion. The collaboration between Mavrek Development, GW Properties, Luxury Living Chicago Realty, and Double Eagle Development will result in a remarkable property boasting luxury apartments, offices, and retail spaces in the heart of Chicago.
On the Map
$102,000,000
Mixed-use
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Players
Chicago Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93