By Dees Stribling, Contributing Editor
WTC Residential Development has obtained $70.2 million in construction and permanent financing for the multifamily residential portion of Wheeling Town Center. The overall development is a mixed-use property in Wheeling, a northern suburb of Chicago.
The development will feature 301 rental units with such common amenities such as a courtyard with a pool, fire pit, grill stations, dining tables, covered bar with TVs, a putting green and an open lawn area for leisurely games and other activities. There will also be a fitness room, yoga and spin class studio, lounge area, private party room with a demonstration kitchen, café, business center, conference room, dog washing station and a game room.
The property counts as transit-oriented development. A Metra commuter rail station is adjacent to the property, which connects the suburb with downtown Chicago and other places.
Berkadia secured the financing on behalf of the developer. Senior Director Paul Matusiak of the Chicago office arranged the Section 221(d)(4) HUD-insured loan, a first mortgage that’s both a 25-month construction and fully amortizing, 40-year permanent loan featuring a 3.7 percent fixed interest rate and greater than 85 percent loan-to-cost.
“Through HUD, we were able to provide an attractive loan that funded both the construction of the multifamily building and specific infrastructure improvements,” said Matusiak. “Wheeling Town Center is development that will attract strong interest among renters.”