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Noah Properties & MPM Holdings Secure $9.8M Construction Loan For Chicago Multifamily Property

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FINANCED
$9,763,500

Illinois

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MultiFamily7,500 SF
Financed 04/19/2021
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FINANCED

Noah Properties & MPM Holdings Secure $9.8M Construction Loan For Chicago Multifamily Property

6336 West Belmont Avenue, Chicago, IL, USA

See Similar Deals
MultiFamily7,500 SF
Financed 04/19/2021
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Price Per Square Foot:$1,301
Total Square Footage:7,500 SF
Transaction Type:Loan

The property at 6336-6360 West Belmont in Chicago, IL is a multifamily asset located on a .75 acre lot. It includes 48 apartment units and 10,400 square feet of ground-floor retail space. The construction of this property is currently underway and is expected to be completed by late 2021.

Summary of Transation Details

  • Property Type: Multifamily
  • Transaction Amount: $9,763,500
  • Market: Chicago

The lender for this construction project is Parkview Financial, a leading private real estate lender specializing in ground-up construction financing. Paul Rahimian, representing Parkview Financial, is involved in this transaction. The landlords of the property are Noah Properties and MPM Holdings.

Parkview Financial can be contacted at (310) 996-8999 or through their website www.parkviewfinancial.com.

Players

Parkview Financial
Parkview Financial
LENDER
NP
Noah Properties
LANDLORD

Details

FINANCED
IMAGE: Paul Rahimian DATE: 04/19/2021 ADDRESS: 6336-6360 West Belmont MARKET: Chicago ASSET TYPE: Multifamily LOAN TYPE: Construction LENDER: Parkview Financial @Parkview.Financial - Paul Rahimian LANDLORD: Noah Properties & MPM Holdings LOAN AMOUNT: $9,763,500 NOTE: The property is situated on a .75 acre lot and will have 48 apartment units and 10,400-square-feet of ground-floor retail located at 6336 to 6360 West Belmont in the Northwest submarket of Chicago, IL. Construction has now commenced and completion is anticipated for late 2021. Parkview Financial is one of the West Coast’s leading private real estate lenders specializing in ground-up construction financing across the United States. (310) 996-8999 | http://www.parkviewfinancial.comwww.parkviewfinancial.com>

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$9,763,500.00

Monthly NOI$65,090.00
Monthly Debt Service$61,711.96
Change in Cash Flow$0.00
Refinance Proceeds$0.00