loader image

William Ryan secures $40M construction loan for Bartlett Ridge subdivision

William Ryan and a planned, single-family home

William Ryan Homes secured a $40 million construction loan for a subdivision it’s developing in Bartlett.

The Schaumburg-based home builder is planning 45 single-family homes at Bartlett Ridge, a 13.5 acre site near Naperville Road and Lake Street, according to to county and village records.

Fifth-Third Bank is providing the financing for the project, Cook County records show.

The loan was recorded the same day as a deed for the development site, which the builder bought for $358,000 from HDP Bartlett Ridge LLC — an entity controlled by Chris Fiegen, the head of Grass Lake Capital, county records show.

Construction at the project, which will also feature a bike path and detention pond, started last year. Homes will ask between $355,000 to $413,000, according to William Ryan Homes’ website.

A spokesperson for the builder did not immediately return a call seeking comment.

Sales of new construction homes in the Chicago area are up so far this year, in part because of builder price cuts. New home sales were up 3 percent through the end of September, compared to the same period last year, according to a report from consulting firm Tracy Cross & Associates.

Overall, an estimated $4.95 billion will have been spent on new home construction in the Chicago area by the end of 2018, representing a 20 percent drop year over year and a decline of one-third since 2016, according to data New York-based Dodge Data & Analytics.

Money spent on home construction in the region more than tripled between 2011 and 2016, jumping from $2.26 billion to $7.29 billion, but has been declining ever since, according to the report.

Recommend0 recommendationsPublished in Real Estate

Share this story with your network.

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on print

Responses

Recent Stories

Del Marie: locked down, but not out

The rapper-dancer-performance poet rolls with the pandemic punches. 2020 started off so well. January and February were great months for 27-year-old rapper, dancer, and performance

Read More »

Speak with a local expert now.

Learn more about this recent happening by speaking with an agent.

X