JV Secures $30M for Chicago Mixed-Use Project
- Feb 27, 2018
A joint venture between UrbanStreet Group and VennPoint Real Estate secured a $30.1 million loan to fund its 225-acre development located on the former Motorola Solutions campus in Schaumburg, Ill. Pangea Mortgage Capital and T2 Capital Management worked to refinance the current acquisition loan as well as provide a construction line of credit for the project, launching the first phase of development.
In mid-2016, UrbanStreet and VennPoint acquired the site with a plan to create a master-planned redevelopment that will feature multifamily, retail, hotels, for-sale rowhomes, entertainment and office space. The project has garnered attention from national homebuilders, senior housing groups and interest from development partners looking to build or relocate to the site.
“Our teams viewed this as a chance to be part of something meaningful to the region. Of course, there were several complexities that needed to be overcome, and our teams did so on a significantly compressed time frame. At the end of the day we delivered to our customers what mattered most, the benefit of certainty and speed to close,” said Daniel Sobelman, director of investments at Pangea, in a prepared statement.
Image courtesy of Pangea Mortgage Capital