The site at 676 North LaSalle St. in Chicago’s River North neighborhood may see more construction activity in the coming months, now that Maverick Commercial Mortgage secured a $39 million loan for a mixed-use multifamily project and public records show that the city issued a construction permit.
The source of the fixed-rate high loan and the mini-permanent loan which Maverick mediated was a pension fund advisor represented by Cindy Thomas of CT Property Law. Attorneys Eric Kordish and Val Barbosa of Pedersen Houpt represented the borrower, Chicago developer Cedar Street Cos.
Cedar Street Cos. bought the property at 676 North LaSalle St. in 2015 and added more parcels in 2016. The developer is planning to attach a 149-apartment building to the old office building and leave 10,200 square feet of retail space on the ground floor.
The amenities planned for the property include a rooftop deck with lounge area, a fitness center, a bicycle room and a keyless electronic system. According to Crain’s via Curbed Chicago, the estimated construction cost was set at $40 million, which should be covered by the loan Maverick secured.
Image courtesy of Maverick Commercial Mortgage