North Park Ventures And SNS Realty Group Secure $28.35 Million Loan For Chicago Apartment Project

3233 North Sheffield Avenue

$28,350,000

$945/SF

Building Size

30,000 SF

Asset Type

MultiFamily

Closing

Jul 28, 2026

AI

The asset involved in this transaction is a multifamily development located at 3233 North Sheffield Avenue, Chicago, IL. The project spans 30,000 square feet and will feature 99 transit-oriented apartment units, consisting of 84 market-rate and 15 affordable units. The development is a five-story structure that will commence construction following the demolition phase, with completion targeted for 2027.

Summary of transaction details:

Property Type: Multifamily
Transaction Amount: $28,350,000
Lender: Andy Harmening & Daniel Barrins - Associated Bank
Landlord: Robert Sekula & Eric Turrin - North Park Ventures; Scott Schiller & Michael Schwartz - SNS Realty Group
Loan Type: Construction

The deal involves a joint venture between North Park Ventures and SNS Realty Group, which is acquiring a former industrial site for the development. The financing for this project is provided by Associated Bank through a significant construction loan, facilitating the next steps in the transformation of the site into a residential community.

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