Updated Sep 18, 2026
Mavrek Development And Fengate Capital Secure $130.4 Million Construction Loan For Multifamily Project In Chicago
1000 West Jackson Boulevard
$130,400,000
Units
380
Asset Type
MultiFamily
Closing
Sep 17, 2026
About this deal
AI
1000 West Jackson Boulevard is a multifamily asset located in Chicago, IL, featuring a total of 380 units. The property is a 25-story development that also includes over 21,500 square feet of ground-floor commercial space, which has been pre-leased to ALDI, and about 31,000 square feet dedicated to indoor and outdoor amenities.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $130,400,000
- Lender: David Greenburg - Affinius Capital
- Landlord: Adam Friedberg - Mavrek Development; Lou Serafini Jr. - Fengate Capital
- Broker: John Parrett - CBRE
- Loan Type: Construction
Affinius Capital originated the construction loan for this joint venture project between Mavrek Development and Fengate Asset Management. The participation of key individuals in the deal includes Adam Friedberg and Lou Serafini Jr. representing the landlords, while John Parrett serves as the broker facilitating the transaction.
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
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93