L&N‘s Matthew Lebenson was successful in securing an $8.9 million construction loan to re-purpose a 74,000 square foot industrial property into a multi-tenant loft office and brewery located in the North Center neighborhood of Chicago.
The loan facility was structured as a 3 year note, interest only, fixed at 3.75%.
At the time the loan request was brought to the lending community, less than 30% of the project had been pre-leased which caused some trepidation from many lenders. However, with the asset being owned and occupied by Sponsorships family for multiple generations coupled with a strong team from Jameson Commercial in Ari Topper and Andy Magliochetti running the leasing assignment, L&N was able to secure multiple term sheets from the local lending community.
