BWE has secured a $17 million loan to finance the acquisition of 939 North Avenue, a Class-A, mixed-use property in the Lincoln Park neighborhood of Chicago.
Daniel Rosenberg, executive vice president in BWE’s Chicago and Boca Raton offices, and Logan Petersmeyer, senior analyst in BWE’s Chicago office, advised the borrowers, Farpoint Development and MCZ Development Group, on the acquisition and originated the interest only loan from a debt fund.
939 North Avenue, uniquely situated on a heavily trafficked corner in Chicago’s bustling Lincoln Park neighborhood, features approximately 200,000 SF of retail, fitness, and medical office space. The property also has an attached 350-space parking garage for use by visitors.
The building, located in a densely populated and affluent neighborhood, is directly adjacent to a wide assortment of premium retailers, such as Apple, Crate & Barrel, Whole Foods, Lululemon, and more. Conveniently, the building is located only a few blocks away from the CTA Red Line which connects Lincoln Park to the rest of the city.
