X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FORT SHERIDAN, IL-A 12-unit multifamily loft building on this former US Army base on suburban Chicago’s North Shore has been refinanced with a two-year, interest-only loan at prime plus 0.75 points. The $2.6-million loan is at 80% loan-to-value, setting an average of $271,000 on the units, which average 2,100 sf.

Developed by John Mullen of the Morgan Group, South Beach Lofts was 60% pre-sold before the construction loan was obtained, says Aries Capital president Neil D. Freeman, whose company arranged the financing for the new mortgage.

“The average price per unit was under $350,000, making this a very affordable development on the sought-after North Shore,” Freeman says.

The development not only overlooks Lake Michigan, but is part of a development that also includes a conference center and eventually a championship golf course in addition to 10 different housing types. The development also includes a 230-acre historic district.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.