Development of 48-Unit Apartment/Retail Property
Parkview Financial has provided a $9.76 million construction loan to a joint venture of Noah Properties and MPM Holdings for the ground-up construction of 48 apartment units and 10,400-square-feet of ground floor retail located at 6336 to 6360 West Belmont in the Northwest submarket of Chicago, IL. With this loan, construction has now commenced and completion is anticipated for late 2021.
The two-building, four-story, elevator-served project will be situated on a .75-acre lot and will have 56 parking spaces, of which 24 are garage spaces and 32 are surface spaces. The units will feature a balcony or patio, premium appliances, granite countertops, washer/dryer, modern wood cabinetry, and security video surveillance system.
“This is the third loan Parkview has provided to Noah Properties, an experienced developer in the Chicago area,” said Paul Rahimian, CEO and Founder of Parkview Financial. “This project will deliver a high quality apartment product with supporting retail to this submarket which has been experiencing a very high occupancy rate over recent years.”
Chicago’s Northwest submarket borders some of the area’s fastest gentrifying neighborhoods and is one of the most affordable submarkets within the Chicago area, making it a destination for those being priced out of neighborhoods to the east. Public transportation via the Blue Line provides easy access to the growth occurring within the central business district.
Noah Properties has been a developer and property manager in Chicago since 2002. The firm specializes in the development of luxury single-family, condo, and apartment developments and has worked with MPM Holdings on a number of projects.