Maverick Commercial Mortgage, Inc. announced the funding of $17,000,000 in construction financing for a ground-up co-living development in Pilsen, the culturally rich neighborhood on Chicago’s West Side. The construction loan closed on November 20, 2018, has been funded by a regional bank and will finance the construction of the 223-bed property called Common Addams.
Common Addams is the third partnership in Chicago between Common and CityPads. The development will offer four stories of co-living apartments meant to provide city-dwellers with a stress-free, all-inclusive living environment. It will be the largest co-living home in the Midwest and the second co-living option in Pilsen, highlighting almost $1 billion of urban investment in this historic Chicago neighborhood.
“We’re pleased to have arranged the funding for this innovative project that builds on the ongoing neighborhood momentum in Pilsen,” said Ben Kadish, president and founder, Maverick Commercial Mortgage.
The project is expected to open in 2020 and will include 54 four-bedroom units, 59 on-site parking spaces and more than 5,000 square feet of amenity space for the residents. Amenities will include a lounge, movie room, 24-hour gym, decorated roof deck and in-suite laundry. Each unit and shared space will be fully furnished and designed by Common’s in-house design and architecture team, curated to promote the ease and comfort of shared living.