(To read more on the multifamily market, click here.)

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

Meleshko's 2800 W. Chicago Development Group, LLC recentlyacquired the Humboldt Park site for $4.25 million and is getting$10.4 million from the bank, according to documents filed with theCook County Recorder of Deeds office. The interest rate on theloan, arranged by Tremont Realty Capital's Chicago office, startsat 8.5% but is pegged at the prime rate plus one point. Inaddition, Boulder Tremont Fund is providing $1.2 million inmezzanine financing. The sale was closed immediately after anotherbuyer, World Development, paid $3.1 million for the property,according to a deed.