Chicago (Lincoln Park/Elston Corridor) –Office Building Development Loan
Client: A commercial office developer with focus on near north side of Chicago.
Transaction: Acquisition loan for a 10,000 square foot land site located near the Finkl steel site which is being redeveloped. Client plans to build a new construction 18,000 square foot office building.
Challenge: Client needed to close on the land acquisition before year-end otherwise they would lose the deal. Site plans for new office tower were not finalized.
Opportunity: Sherpa Capital Group LLC was able to provide financing within 7 days and borrower had significant cash equity and pledged additional real estate collateral. Closed right before year end 2017.
Action: Sherpa Capital Group LLC provided a first mortgage to best accommodate developer to obtain the land site and start entitlement process, permits and plans.
Transaction: Acquisition loan for a 10,000 square foot land site located near the Finkl steel site which is being redeveloped. Client plans to build a new construction 18,000 square foot office building.
Challenge: Client needed to close on the land acquisition before year-end otherwise they would lose the deal. Site plans for new office tower were not finalized.
Opportunity: Sherpa Capital Group LLC was able to provide financing within 7 days and borrower had significant cash equity and pledged additional real estate collateral. Closed right before year end 2017.
Action: Sherpa Capital Group LLC provided a first mortgage to best accommodate developer to obtain the land site and start entitlement process, permits and plans.
