Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Maverick Finances Condor’s Pilsen Office Build
Maverick Commercial Mortgage has arranged funding for a loft-style office development in the West Side’s Pilsen. Condor Partners’ Mural Park will be funded by a non-recourse bridge and construction loan in the amount of $33,750,000.
Chicago-based Condor is undertaking the gut renovation of two 100,000-square-foot loft office buildings at 1901 and 1911 S. Sangamon. The three-year financing by an East Coast mortgage REIT will provide funds for the base building, tenant improvements, leasing commissions, soft cost and existing debt on the property.
Mural Park will be a primary destination along the city’s new El Paseo, a four-mile bicycle and walking “rails-to-trails” corridor connecting University Village with Pilsen and Little Village. It will include a large public plaza.
The first Mural Park tenants include 5 Rabbit Cervecería, a Latin American-inspired small craft batch brewery and full-service restaurant. Transwestern’s Jeff Dowdell, Katie Steele and William Briggs are the property’s leasing agents.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
- ◦Development
Get Chicago News in 150 Words