Maverick Commercial Mortgage, Inc. has arranged $33,750,000 in non-recourse bridge and construction funding for Mural Park, a two-building, loft-style office development. The loan will finance the gut renovation of two 100,000-square-foot loft office buildings located at 1901 and 1911 S. Sangamon Street in Chicago’s hip and historic Pilsen neighborhood.
The buildings are being redeveloped by Condor Partners, a Chicago-based real estate development firm focused on developments that transform neighborhoods. The project aims for positive social impact by bringing local jobs back to the Pilsen community which support and enhance the existing residents and businesses.
The three-year financing provided by an East Coast mortgage REIT will provide funds for the base building, tenant improvements, leasing commissions, soft cost and existing debt on the property. The process from introduction to closing took just more than 90 days.
Mural Park will be a primary destination along Chicago’s new El Paseo, a four-mile bicycle and walking “rails-to-trails” corridor connecting University Village with Pilsen and Little Village. A large public plaza featuring local art installations, community gathering amenities and year-round gardens will connect the two 100-year old buildings of Mural Park.
Announced tenants include 5 Rabbit Cervecería, a Latin American-inspired small craft batch brewery and restaurant, as well as Puratos, a Belgium-based international food science company. Leasing agents for the property are Jeff Dowdell, Katie Steele and William Briggs from Transwestern.