CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announces that CIBC Bank USA has been selected to provide $31.1 million in financing to Vermilion Development for the construction of 43 luxury condominium units and 12 townhomes at Alcove M.D.P. in Chicago’s Wicker Park neighborhood.
Alcove will be located at 1650 West Division Street and is scheduled to break ground in the first quarter of 2019. A seven-story condominium tower will include 43 units averaging almost 2,000 square feet. The 12 townhomes, each with attached garages, are sized between 3,000 and 3,500 square feet. All residences will include dedicated parking, private outdoor space, smart-home technology, hardwood floors, quartz countertops, professional-grade appliances, and full-size washers and dryers.
Located in the heart Wicker Park – one of Chicago’s hottest residential neighborhoods – Alcove is steps away from entertainment and shopping destinations as well as transportation options that provide efficient access to downtown Chicago and surrounding neighborhoods. The project, which has a professionally landscaped courtyard and walkways, is uniquely situated between the retail corridors along Milwaukee Avenue and Division Street providing residents direct access to some of the city’s best retail and restaurants in the immediate area.
Perhaps the most compelling element of the project is its price point. Condominium units, which include generously sized and well-designed two-, three- and four-bedroom options, start at $600,000. The townhomes, all of which include four bedrooms, start at $1 million. A dedicated sales center for the project is located at 1295 North Milwaukee Avenue, and pre-sales are well under way.
The HFF debt placement team representing Vermilion consists of director Christopher Knight.
“Alcove’s well-priced luxury units with thoughtful layouts and high construction quality in the heart one of Chicago’s most desirable neighborhoods make it a standout,” Knight said. “The CIBC loan is a great execution for both the bank and Vermilion, but the project will ultimately benefit future residents most.”
About Vermilion Development: Vermilion Development is a Chicago-based real estate development company that has made its name in executing extremely complex mixed-use, assisted living and public-private partnership developments. Vermilion has completed and currently has projects under development throughout Illinois, Indiana and Minnesota. Founded in 1992, Vermilion has completed or is currently completing developments totaling more than $550 million of gross investment value.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.