Chicago (Bucktown) - Condo Building Ground Up Construction Financing
Client: An experienced real estate developer focused on the Bucktown - Wicker Park submarket in Chicago.
Transaction: Ground-up Construction loan for development and build of 3 unit condo building located in Bucktown submarket of Chicago.
Challenge: Client purchased the land during the down turn at a good basis and was seeking ground up construction financing which banks were not providing.
Opportunity: Sherpa Capital Group LLC was able to provide financing to an experienced builder to build the 3 unit building at an excellent cost basis to current market value.
Action: Sherpa Capital Group LLC provided a first mortgage structured as a construction loan with multiple draws to best accommodate builder to complete in the most timely manner. Sherpa principals executed and managed all construction draws in order to provide maximum speed to market for developer.
Transaction: Ground-up Construction loan for development and build of 3 unit condo building located in Bucktown submarket of Chicago.
Challenge: Client purchased the land during the down turn at a good basis and was seeking ground up construction financing which banks were not providing.
Opportunity: Sherpa Capital Group LLC was able to provide financing to an experienced builder to build the 3 unit building at an excellent cost basis to current market value.
Action: Sherpa Capital Group LLC provided a first mortgage structured as a construction loan with multiple draws to best accommodate builder to complete in the most timely manner. Sherpa principals executed and managed all construction draws in order to provide maximum speed to market for developer.