Chicago (July 13, 2017) – Cohen Financial, a division of SunTrust Bank and a national real estate capital services firm, announced today that it has arranged $20.7 million construction financing on a $36 million multifamily property development located in Chicago. Cohen Financial secured the $20.7 million loan with Old Plank Trail Community Bank, a subsidiary of Chicago-based Wintrust, to develop the property in the Logan Square neighborhood. The property will feature 138 apartments, 9,300 square feet of retail and 44 parking spaces and is located within walking distance of Chicago’s Blue Line stop on North California Avenue.
Michael Hart, Managing Director in the Cohen Financial Chicago office, arranged the construction financing. Cohen Financial also advised the Chicago-based developer, Savoy Development LLC, on the co-development agreement with a family office investor. The transaction closed on June 26.
“This urban infill project benefits from its location in the high demand Logan Square neighborhood. It is close to transportation, restaurants and other lifestyle amenities. In Chicago, it is usually very difficult to assemble such a large amount of land in this type of primary location,” said Hart.
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