BridgeCity Capital Provides $69 Million Construction Loan For Multifamily Asset In Chicago

The asset involved in this transaction is a multifamily property located in Chicago, IL, encompassing a total area of 180,954 square feet and comprising 164 units. The construction loan associated with this property is valued at $69,000,000, with loan terms set for 24 months and options for extensions, alongside a loan-to-cost ratio of 72%.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $69,000,000
• Asset Size: 180,954 SF
• Units: 164
• Lender: BridgeCity Capital
• Landlord: Melrose Ascension Capital (MAC) & Dac Development
• Broker: Abe Wurzberger - Rosewood Realty Group
• Loan Type: Construction
• Loan Terms: 24 months + extension options
• LTC: 72%

This deal involves key players including the lender, BridgeCity Capital, which is actively financing various projects across mixed-use, residential, industrial, and construction sectors. The landlords, Melrose Ascension Capital (MAC) and Dac Development, are noted for their involvement in multifamily housing development. Broker Abe Wurzberger from Rosewood Realty Group played a crucial role in facilitating the transaction.