Updated Oct 28, 2024
Huntington National Bank Provides $59.8M Construction Loan For River North Multifamily Project
741 North Wells Street, Chicago, Illinois 60610, United States
$59,800,000
Units
168
Asset Type
MultiFamily
Closing
Jul 20, 2022
About this deal
AI
A construction loan in the amount of $59,800,000 was secured for a multifamily property located at 741 N Wells St in the River North neighborhood of Chicago. The property comprises 168 units and is owned by Vista Property.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $59,800,000
- Address: 741 N Wells St, River North, Chicago
- Market: River North, Chicago
- Units: 168
The lender involved in the deal is Huntington National Bank. JLL Capital Markets represented the buyer, Vista Property, with Christopher Knight, Mary Dooley, and Medina Spiodic acting as brokers in the transaction.
The loan obtained is a four-year, floating-rate construction loan provided by Huntington National Bank.
On the Map
$59,800,000
MultiFamily
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Players
Chicago MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93