Finance N Illinois

Lodge Financial arranges $7.8M in acquisition, construction financing for Chicago office property

Lodge Financial arranges 7.8M in acquisition, construction financing for Ch,ph01

Lodge Financial’s Matthew Bowker recently closed a $7,850,000 loan for a repeat client to acquire and rehab a Chicago office property with 100,000 rentable square feet. The 24-month term loan was for a four-story property located in the city’s Pilsen neighborhood.

This assignment was challenging due to the property being 47-percent leased at the time of closing. Based on sponsorship’s past success and experience on similar project dynamics, as well as sound submarket conditions, Bowker was able to establish a competitive lender bidding process for sponsorship.