June 30, 2017 Comments Off on Berkadia Secures $70M Loan for Chicago-Area MF Dev Views: 740 Illinois, Midwest, National News

Berkadia Secures $70M Loan for Chicago-Area MF Dev

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New York-based Berkadia arranged $70.2 million in construction and permanent financing for the multifamily component of Wheeling Town Center, a mixed-use development in Wheeling, IL. The financing for the 301-unit luxury rental asset at 351 W. Dundee Rd. was secured on behalf of the borrower, Illinois-based WTC Residential Development LLC.

The first mortgage is both a 25-month construction and fully amortizing, 40-year permanent loan, featuring a 3.7% fixed interest rate and greater than 85% loan-to-cost.

Berkadia’s Paul Matusiak arranged the Section 221(d)(4) HUD-insured loan.

Matusiak says, “Wheeling Town Center is an exciting, transit-oriented development that will attract strong interest among renters due to its overall quality, its proximity to Chicago, and the numerous community amenities that are all within walking distance of the property.”

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