Oak Grove Capital Secures Construction Financing for Logan Square TOD
- Apr 23, 2015
Oak Grove Capital of St. Paul, Minn., has secured construction financing for a transit-oriented development in Chicago’s Logan Square neighborhood. According to a news release, Principal Real Estate Investors provided $27.9 million in construction financing for New York City-based Property Markets Group to build a 120-unit, market-rate, mid-rise luxury apartment building at 2211 N. Milwaukee.
“This opportunity was appealing to us, as the development is well located in a large metropolitan city, is urban in nature and has the added benefit of being very transit oriented,” said Jon Buenneke, investment director for mortgages at Principal Real Estate Investors. “”We are excited to provide this comprehensive financing package to PMG so they can develop a quality property in a great location.”
The TOD at 2211 N. Milwaukee was designed by Brininstool + Lynch and features 120 market-rate apartments, 67 parking spaces and 5,246 square feet of ground-floor retail, Curbed Chicago reports. The development, expected to become LEED certified, will also include outdoor green spaces and private gardening areas for residents. The property is designed to reduce traffic congestion in the area and will also include bicycle parking spaces.
Rendering courtesy of Brininstool + Lynch via Curbed Chicago
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