CARMEL, IN – The Chicago office of Merchants Capital, established in early 2019, today announced its first new construction / mini-perm loan through Merchants Bank of Indiana, the parent company of Merchants Capital. The multi-family property, River Grove Station, is located in the Chicago suburb of River Grove. The property fits within Merchants Bank’s loan parameters – an out-of-the-box deal with a solid developer in a transit-focused location.
Once built, the 80-unit property will provide modern luxury and transit-oriented living adjacent to the River Grove Metra station and within walking distance of nearby restaurants, shopping malls and entertainment venues.
Located just northwest of Chicago, River Grove is increasingly appealing to families and young professionals who appreciate the village’s mix of urban amenities in a suburban setting, as well as its easy access to Chicago and the O’Hare international airport nearby. As River Grove Mayor David Guerin noted, this project “will fundamentally change the face of this section of our downtown” and replace “the sight of dilapidated structures” in the area.
Merchants Capital Executive Vice President Lee Oller and Senior Vice President Susan Schnoll, the two co-initiators of the River Grove Station project, are seasoned construction lenders with over 25 years of experience in the construction industry. ‘Granting and Closing of Loans under HUD 221 D4 New Construction / Substantial Rehabilitation Program.
“For Merchants Capital’s Chicago office, this transaction is particularly exciting as it is the first Merchants Bank of Indiana construction loan that we have completed. This development is also the perfect candidate for the HUD or GSE take-out financing, which is Merchants Capital’s specialty, ”said Oller, who heads the Chicago office. “We provided an impressive start-to-finish processing schedule, which allowed MB Thatcher LLC to begin construction of the River Grove Station in a location that lacks development and often overlooked by developers. “
The project is also supported by a Tax Increase Funding (TIF) from the Village of River Grove. These TIF funds will help clean up these sites with environmental issues and make the development of this new multi-family project possible. Once the site was approved for TIF funding, the Village approached MB Thatcher LLC, the client, to be the developer due to the quality of other recently completed projects in the area and their knowledge of the local market. The development team includes Noah Properties and Environmental Protection Industries (EPI).
“We are excited to expand our multi-family portfolio in River Grove and look forward to bringing additional new units into this project across from the River Grove Metra,” said Michael Musa, President and CEO of EAR. “Our goal is to provide modern and affordable luxury apartments to residents of River Grove, this is our third project in the same neighborhood to be completed in the past three years.
“This project was brought to us by the people in charge of River Grove and we have completed the site clean-up and the dramatic renovation of the street and streetscape at the request of the village staff and Mayor David Guerin,” said Ben Kadish, President of Maverick Commercial Mortgage. Inc., which represented developer MB Thatcher LLC.
Located at 2801 Thatcher Avenue, River Grove Station Residences will offer energy-efficient one and two-bedroom luxury apartments with well-designed floor plans and attractive finishes selected by skilled designers at LisekInteriors. The units also have oversized windows and high ceilings. Construction is expected to be completed in mid-2021.
To learn more about Merchants Capital and its services, visit www.merchantscapital.com or find Merchants Capital on Facebook, Twitter and LinkedIn and Instagram.