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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.

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