Skip to content
Homepage
  • Market
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Michigan
    • Midwest
    • Minnesota
    • Missouri
    • N Dakota
    • National
    • Nebraska
    • Ohio
    • S Dakota
    • Tennessee
    • Texas
    • Wisconsin
  • Events
  • Sector
    • CRE
    • Finance
    • Healthcare
    • Hospitality
    • Industrial
    • Legal
    • Multifamily
    • Net Lease
    • Office
    • Retail
    • section
    • Seniors Housing
    • Student Housing
  • Advertise
  • Real Estate Awards
  • Login/Register
IllinoisFinanceMultifamily

Merchants Capital Secures Financing to Construct 80-Unit Multifamily Development in Chicago Suburb River Grove

January 29, 2021
Share on Facebook Share on Twitter Share on LinkedIn Share via email

The Chicago office of Merchants Capital announced its first new construction/mini-perm loan through Merchants Bank of Indiana, Merchants Capital’s parent company. The multifamily property, River Grove Station, is located in the Chicago suburb of River Grove, Illinois.

The property fits into Merchants Bank’s loan parameters—a shovel-ready deal with a strong developer at a transit-oriented location. Once constructed, the 80-unit property will provide modern luxury and transit-oriented living adjacent to the River Grove Metra Station and within walking distance of nearby restaurants, shopping centers and entertainment venues.

Located just northwest of Chicago, River Grove is increasingly attractive to families and young professionals who appreciate the village’s mix of urban amenities in a suburban setting, as well as its easy access to Chicago and nearby O’Hare International Airport. As noted by River Grove Mayor David Guerin, this project will “fundamentally change the face of this section of our downtown” and replace “the view of dilapidated structures” in the area.

Merchants Capital executive vice president Lee Oller and senior vice president Susan Schnoll, the two co-originators on the River Grove Station project, are veteran construction lenders, having over 25 years of experience originating and closing loans under the HUD 221 D4 new construction/substantial rehabilitation program.

“For the Merchants Capital Chicago office, this deal is especially exciting, as it is the first Merchants Bank of Indiana construction loan we’ve closed. This development is also the perfect candidate for HUD or GSE takeout financing, which is Merchants Capital’s specialty,” said Oller, who heads up the Chicago office. “We provided an impressive processing timeline from start to finish, which allowed MB Thatcher LLC to begin construction on River Grove Station in a location that is starved for development and often overlooked by developers.”

The project is also supported by tax increment financing (TIF) from the village of River Grove. These TIF funds will help clean up these environmentally challenged sites and make the development of this new multifamily project feasible. Once the site was approved for TIF financing, the village approached MB Thatcher LLC, the client, to be the developer due to the quality of other, recently completed projects in the area and their local market knowledge. The development team includes Noah Properties and Environmental Protection Industries (EPI).

“We are pleased to expand our multifamily portfolio in River Grove and look forward to bringing in additional new units at this project across the street from the River Grove Metra stop,” said Michael Musa, president and CEO of EPI. “It is our goal to provide affordable modern luxury apartments for the residents of River Grove, with this being our third project in the same general vicinity completed within the last three years.”

“This project was brought to us by the officials of River Grove and we completed the site cleanup and the dramatic renovation of the street and streetscape per the request of the village staff and Mayor David Guerin,” said Ben Kadish, president of Maverick Commercial Mortgage Inc., who represented developer MB Thatcher LLC.

Located at 2801 Thatcher Avenue, the River Grove Station residences will offer energy efficient one and two-bedroom luxury rental apartments with well-conceived floor plans and attractive finishes selected by skilled designers at Lisek Interiors. The units also feature oversized windows and high ceilings. Construction is expected to complete in mid-2021.

Tags
Environmental Protection IndustriesLisek InteriorsMaverick Commercial MortgageMerchants Bank of Indianamerchants capitalNoah PropertiesRiver Grove
" "

Subscribe

Subscribe to our email list to read all news first.

Subscribe
Related Articles
IowaIndustrial

Des Moines Industrial buys 31 acres as future home for industrial transloading facility

February 26, 2021
MinnesotaFinanceMultifamily

Colliers Mortgage provides $18.2 million purchase loan for 98-unit apartment complex in Minnesota

February 26, 2021
MinnesotaLegal

MV Ventures names VP and general counsel

February 26, 2021
IllinoisOffice

JLL Capital Markets closes $153 million refinance for downtown Chicago office tower

February 26, 2021

Subscribe

Subscribe to our email list to read all news first.

Subscribe
REJournals logo

Market

  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Michigan
  • Midwest
  • Minnesota
  • Missouri
  • N Dakota
  • National
  • Nebraska
  • Ohio
  • S Dakota
  • Tennessee
  • Texas
  • Wisconsin

Sector

  • CRE
  • Finance
  • Healthcare
  • Hospitality
  • Industrial
  • Legal
  • Multifamily
  • Net Lease
  • Office
  • Retail
  • section
  • Seniors Housing
  • Student Housing

Subscribe

Subscribe to our email list to read all news first.

Subscribe
  • Contact Us
  • Events
  • Advertise
  • Office Locations
© 2021 REjournals.com