Farpoint & MCZ Development Secure $17M Acquisition Loan For Chicago Mixed-Use Property

The acquisition of 939 North Avenue in Chicago's Lincoln Park neighborhood involved a Class A mixed-use property spanning 200,000 square feet. The property features retail spaces, fitness facilities, medical office spaces, and a parking garage. The loan amount for this transaction was $17,000,000, facilitated by Bellwether Enterprise (BWE) and arranged by Daniel Rosenberg and Logan Petersmeyer.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $17,000,000
• Address: 939 West North Avenue
• Market: Chicago
• Landlord: Scott Goodman - Farpoint Development; Michael Lerner - MCZ Development Group
• Lender: Daniel Rosenberg & Logan Petersmeyer - Bellwether Enterprise (BWE)
• Loan Type: Acquisition Loan
• Loan Terms: Interest-only

The financing for this acquisition was provided by a debt fund offering interest-only payments. The borrowers in this transaction were Farpoint Development and MCZ Development Group. Michael Lerner from MCZ Development Group and Scott Goodman from Farpoint Development are the landlords associated with the property.