Finance N Illinois

HFF arranges financing for Wicker Park condo/townhome development

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Holliday Fenoglio Fowler, L.P. (HFF) announced that CIBC Bank USA has been selected to provide $31.1 million in financing to Vermilion Development for the construction of 43 luxury condominium units and 12 townhomes at Alcove M.D.P. in Chicago’s Wicker Park neighborhood. The property is located at 1650 W. Division Street and is scheduled to break ground in the first quarter of 2019.

A seven-story condominium tower will include 43 units averaging almost 2,000 square feet. The 12 townhomes, each with attached garages, are sized between 3,000 and 3,500 square feet. All residences will include dedicated parking, private outdoor space, smart-home technology, hardwood floors, quartz countertops, professional-grade appliances and full-size washers and dryers.

Located in the heart Wicker Park—one of Chicago’s hottest residential neighborhoods—Alcove is steps away from entertainment and shopping destinations as well as transportation options that provide efficient access to downtown Chicago and surrounding neighborhoods. The project, which has a professionally landscaped courtyard and walkways, is uniquely situated between the retail corridors along Milwaukee Avenue and Division Street, providing residents direct access to some of the city’s best retail and restaurants in the immediate area.

“Alcove’s well-priced luxury units with thoughtful layouts and high construction quality in the heart one of Chicago’s most desirable neighborhoods make it a standout,” said HFF director Christopher Knight, who represented Vermilion in the debt placement. “The CIBC loan is a great execution for both the bank and Vermilion, but the project will ultimately benefit future residents most.”

The property was designed by Hirsch Associates LLC, with Ma’am Design Collective completing the interior design. Sales and marketing are being handled by ON Collaborative, a full-service development sales and marketing division of Coldwell Banker, and Luxury Living Chicago Realty. Chicago-based Maris Construction will build the property.