Condor Partners received a nearly $34 million loan for its redevelopment of two Pilsen warehouses.
The Chicago-based developer is working to turn two 100-year-old former lumber storage facilities into a loft-style office development at 1901 and 1911 South Sangamon Street. Condor’s $50 million project, called Mural Park, will also include a new plaza with an outdoor art gallery between the two buildings.
Maverick Commercial Mortgage issued the $33.75 million bridge and construction loan.
The loan will finance the gut renovation of the two 100,000-square-foot buildings as well as tenant improvements, management costs and will help with the debt on the property, Maverick Commercial Mortgage said in a press release.
Condor has already signed 5 Rabbit Cerveceria to a 12,000 square foot lease in the development, which will include a small-batch brewery and restaurant.
The project is located along the to-be-built El Paseo, a four-mile walking and biking trail that will run through the Pilsen and Little Village.
Development in Pilsen has caused some outcry by neighbors who say the projects are advancing gentrification.
A seminar on developing up-and-coming neighborhoods like Pilsen held at Mural Park this month had to change its marketing materials after residents voiced opposition.
New York-based Property Markets Group is working to develop land near 16th Street and Peoria Avenue in Pilsen, but the project ran afoul of Alderman Danny Solis (25th), who said it would help price some residents out of the historically Hispanic neighborhood.
To address neighbors’ concerns, the city recently enacted new affordable housing rules for Pilsen and Little Village, which will require residential developers to include at least 20 percent affordable units.Recommend0 recommendationsPublished in