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CHICAGO-A Buffalo Grove-based developer plans to build 132 units on the South and West sides—a 99-unit building at 2300 S. Michigan Ave. and a 33-unit building with nine retail spaces at 2800 W. Chicago Ave. Two limited liability corporations controlled by Dmitriy Meleshko bought the property and financed construction of the two buildings with mortgages from Palatine-based First Bank and Trust of Illinois for $12.6 million.

Meleshko's 2800 W. Chicago Development Group, LLC recently acquired the Humboldt Park site for $4.25 million and is getting $10.4 million from the bank, according to documents filed with the Cook County Recorder of Deeds office. The interest rate on the loan, arranged by Tremont Realty Capital's Chicago office, starts at 8.5% but is pegged at the prime rate plus one point. In addition, Boulder Tremont Fund is providing $1.2 million in mezzanine financing. The sale was closed immediately after another buyer, World Development, paid $3.1 million for the property, according to a deed.

In the shadow of the expanding McCormick Place, 2300 S. Michigan Development Group LLC will construct its seven-story condominium building with a $2.2-million mortgage from First Bank and Trust of Illinois, also at prime-plus-one point, with Boulder Tremont Fund writing a $900,000 mezzanine loan. Meleshko's LLC bought the property from the Metropolitan Pier and Exposition Authority, which oversees McCormick Place as well as Navy Pier.

Instant Insights /

Suburban Developer Plans 132 Condos on South, West Sides

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