Chicago & Midwest + North Side + Finance | December 6, 2018

Vermilion Condo Project Lands CIBC Financing via HFF

CIBC Bank USA will provide $31.1 million in financing to Vermilion Development for the construction of 43 luxury condominium units and 12 townhomes at Alcove M.D.P. in the North Side’s Wicker Park neighborhood. HFF’s Christopher Knight arranged the debt on Vermilion’s behalf.

“Alcove’s well-priced luxury units with thoughtful layouts and high construction quality in the heart one of Chicago’s most desirable neighborhoods make it a standout,” said Knight. “The CIBC loan is a great execution for both the bank and Vermilion, but the project will ultimately benefit future residents most.”

Alcove will be located at 1650 W. Division St., and is scheduled to break ground in the first quarter of 2019. A seven-story condo tower will include 43 units averaging almost 2,000 square feet. The 12 townhomes range between 3,000 and 3,500 square feet.

Pre-sales are underway at a dedicated sales center, located nearby at 1295 N. Milwaukee Ave.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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