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$30M Funding for Redevelopment of 225-Acre Former IL Motorola Campus
Chicago-based Pangea Mortgage Capital and T2 Capital Management closed a $30.1 million loan for the funding of a 225-acre development on the former Motorola Solutions campus in Schaumburg, IL. The nationwide capital providers refinanced the acquisition loan and provided a construction line of credit to launch the project.
The redevelopment project will bring something entirely new to the Village of Schaumburg and the Chicago suburbs. In mid-2016, a joint venture between UrbanStreet Group and VennPoint Real Estate acquired the site.
The developers envision adding new multifamily, for-sale rowhomes, retail, entertainment uses, hotels, and office space. The site is at 1303 East Algonquin Rd. and is planned for 1.8-million square feet of office and manufacturing buildings.
UrbanStreet Group and VennPoint Real Estate’s Jon Dennis says of the funding from Pangea an T2, “They brought flexible financing that enables us to launch our first phase of development.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
- ◦Development

