Insurer Inks Loan On Chicago Rentals - Commercial Mortgage Alert
American National Insurance has written a $55 million mortgage on a new luxury apartment building in Chicago.
The fixed-rate loan is backed by a 198-unit property called Avra West Loop, at 1125 West Van Buren Street, that Chicago-based Tandem completed last year. The developer will use the loan proceeds to pay off construction debt.
The mortgage has a three-year term with two one-year extension options. American National, a Galveston, Texas-based life insurer, closed on the interest-only financing package on April 29. Bellwether Enterprise Real Estate Capital of Cleveland brokered the loan for Tandem.
The 20-story building, in the West Loop neighborhood, has studio to three-bedroom units with floor-to-ceiling windows, washer/dryers, smart thermostats and keyless entries. Some apartments have 12-foot ceilings. Amenities include a 24-hour fitness center, co-working space, a dog run and a 3,000-sf rooftop terrace with fire pits and grills.
The apartments are almost fully occupied. Rents for available units range from $1,850 for studios to $4,600 for 3-bedroom apartments.
The building has 1,500 sf of ground-floor space available for retail or office use, along with storage space for 200 bicycles.
The property is across the street from a Target and near two commuter rail stops. Tandem is developing another apartment building nearby, at 1044 West Van Buren Street, for which it recently secured construction financing.
For more information click here or call 949-640-8780.