Chicago (Lakeview/Wrigleyville) – Acquisition Loan for Mixed-Use Building
Client: A local commercial real estate agent and investor.
Transaction: Acquisition and rehab loan for improvements to a vacant 7,500 square foot, 3-unit mixed-use building located in the Lakeview/Wrigleyville neighborhood of Chicago.
Challenge: The client faced difficulty obtaining financing for a vacant, non-cash-flowing asset. Another private lender backed out at the last minute, leaving the client in a challenging position. Multiple extensions had already been requested and missed, creating an urgency to close the deal quickly.
Opportunity: Sherpa Capital Group LLC stepped in and provided acquisition and rehab financing within 10 days of the signed term sheet.
Action: Sherpa Capital Group LLC provided a first mortgage structured as a construction loan with flexible draws.
Transaction: Acquisition and rehab loan for improvements to a vacant 7,500 square foot, 3-unit mixed-use building located in the Lakeview/Wrigleyville neighborhood of Chicago.
Challenge: The client faced difficulty obtaining financing for a vacant, non-cash-flowing asset. Another private lender backed out at the last minute, leaving the client in a challenging position. Multiple extensions had already been requested and missed, creating an urgency to close the deal quickly.
Opportunity: Sherpa Capital Group LLC stepped in and provided acquisition and rehab financing within 10 days of the signed term sheet.
Action: Sherpa Capital Group LLC provided a first mortgage structured as a construction loan with flexible draws.
