CHICAGO-Dubin Residential Communities Inc., which plans to convert a former Florsheim Shoe factory at 3963 W. Belmont Ave. to 175 condominiums, has closed on the purchase of the property. In addition to paying $7.5 million for the six-story, 250,000-sf industrial loft as well as 2.9-acre site, the multifamily developer also got a $30-million mortgage from MB Financial Bank, according to property records.
In addition to the loan, Dubin Residential Communities is getting $8.5 million in tax increment financing from the city to help offset the cost of the $56-million redevelopment. In exchange, Dubin Residential Communities is setting aside 35 units to buyers under the city's Chicago Partnership for Affordable Neighborhoods program.
Dubin Residential also is creating two buildings with 31,300 sf of retail space, which will replace a four-story building at 3927 W. Belmont Ave. The building had been owned by Boston-based Iron Mountain Information Management Inc.
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