Chicago (Lincoln Park/Elston Corridor) –Office Building Development Loan

Client : A commercial office developer with focus on near north side of Chicago.

Transaction : Acquisition loan for a 10,000 square foot land site located near the Finkl steel site which is being redeveloped. Client plans to build a new construction 18,000 square foot office building.

Challenge : Client needed to close on the land acquisition before year-end otherwise they would lose the deal. Site plans for new office tower were not finalized.

Opportunity : Sherpa Capital Group LLC was able to provide financing within 7 days and borrower had significant cash equity and pledged additional real estate collateral. Closed right before year end 2017.

Action : Sherpa Capital Group LLC provided a first mortgage to best accommodate developer to obtain the land site and start entitlement process, permits and plans.