Finance N Illinois
Lincoln Park luxury residential development lands $21M in financing

Lincoln Park luxury residential development lands $21M in financing

Holliday Fenoglio Fowler, L.P. (HFF) announced $20.95 million in financing for the development of 42 luxury apartment units at Norweta Row in Chicago’s Lincoln Park neighborhood. The HFF team worked on behalf of Boston-based developer, Broder, to secure the construction loan through Citizens Bank. Norweta also includes 31 for-sale condominium units that share amenities with the apartments, but were not part of the collateral for this loan.

Finance N Illinois
Berkadia secures over $48M for Bush Temple high-rise refinancing

Berkadia secures over $48M for Bush Temple high-rise refinancing

Berkadia announced the recent $48.5 million financing for Bush Temple at 800-812 N. Clark Street, a multi-phase, 230-unit apartment project with ground floor retail in Chicago’s Near North neighborhood. Director Michael Slovitt and senior managing director Chris Blechschmidt of the Chicago office secured the loan through one of Berkadia’s correspondent insurance companies on behalf of Delaware-based Bush Temple, LLC, an affiliate of Chicago-based Cedar Street Companies and their new equity partner. The deal closed July 3.  

Finance Midwest
Multifamily continues to fuel the commercial finance business.

Berkadia's Callaghan: Workforce apartment units still scarce

Like all commercial financing professionals today, Colin Callaghan, senior managing director with the Southfield, Michigan, office of Berkadia, is keeping a close watch on the multifamily market. That’s because the requests for financing from developers and investors eager to play in this sector are still coming at a rapid clip. But there’s a trend with all those requests for multifamily construction financing: Developers are hoping to build luxury apartments, not those catering to renters with more modest incomes.