Parkview Financial has provided a $22.75 million construction loan to a joint venture of Noah Properties and MPM Holdings for the development of a for-sale, 67-unit townhouse project. Sited on 2.2 acres at 4155 W. Melrose Street, 3202 N. Kildare Street, and 4200 W. Belmont Avenue in the Avondale neighborhood of Chicago, IL, the project will consist of eight, three-story buildings. Construction recently commenced with completion anticipated for Spring 2021.
The project will offer a mix of three-, four-, and five-bedroom townhomes each with a two- or three-car garage. All of the units will include a private rooftop, private yard, fireplace, high end kitchen appliance package, and custom cabinetry. In addition, the complex will feature a clubhouse with gym, kitchen, and party room; playground; grilling stations; and a dog run and dog washing area.
“This marks Parkview’s second construction loan we have provided to this experienced joint venture,” said Paul Rahimian, CEO of Parkview Financial. “We were pleased with their performance on the first project and are confident they will deliver a quality project to the up-and-coming Avondale neighborhood of Chicago.”
The vast majority of the homes in the Avondale area were built prior to 1939 and new construction is in high demand. Though not considered as trendy as the rapidly changing adjacent neighborhoods of Roscoe Village and Logan Square, Avondale was recently recognized as one the nation’s “10 hottest, need-to-visit ‘hoods’” by popular travel website Lonely Planet.
Noah Properties specializes in the development of luxury single family, condo, and apartments developments has been a developer and property manager in the Chicago area since 2002.
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 in excess of $1.3 billion in financing for more than 115 multifamily, retail, office, industrial and mixed-use projects. The executed loan size ranges between $5 million to $100 million.
With corporate headquarters in Los Angeles, and offices in Seattle and Denver, 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.