Parkview Financial announced today it 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.
About Parkview Financial
Parkview Financial is a direct private lender specializing in ground up commercial and residential real estate financing. Through a private real estate debt fund, we provide short-term bridge and construction loans secured by first trust deeds to developers throughout the United States. Since launching the Fund in 2015, Parkview has successfully executed nearly $2 billion in financing for multifamily, retail, office, industrial and mixed-use projects with executed loans ranging from $5 million to $200 million.
With offices in Los Angeles (headquarters), Denver and Atlanta, our firm has grown exponentially since it was founded in 2009 by Paul Rahimian, its CEO. Parkview has earned an unparalleled reputation within the commercial real estate industry as one of the most respected private construction lenders in the nation. This has been accomplished through our proven ability to provide fast, creative financing solutions to borrowers who need more leverage and certainty of execution. Fortified with an experienced team of in-house experts, Parkview is able to be nimble and creative even when it comes to some of the most challenging projects.