Financing secured for acquisition of 939 W. North

BWE, a national commercial and multifamily mortgage banking company, announced that it has secured a $17,000,000 loan to finance the acquisition of 939 North Avenue, a Class-A, mixed-use property in Lincoln Park.

Daniel Rosenberg, executive vice president in BWE’s Chicago and Boca Raton offices, and Logan Petersmeyer, senior analyst in BWE’s Chicago office, advised the borrowers, Farpoint Development and MCZ Development Group, on the acquisition and originated the interest only loan from a debt fund.

“We’re proud to have worked alongside Farpoint and MCZ, two well-respected Chicago real estate firms, to deliver acquisition financing for an iconic asset in one of Chicago’s most dynamic neighborhoods,” said Rosenberg. “BWE will continue to leverage its comprehensive suite of capital solutions to best provide our partners with a competitive advantage in the market so they can deliver high-quality assets like 939 North Avenue.”

939 North Avenue, uniquely situated on a heavily trafficked corner in Chicago’s bustling Lincoln Park neighborhood, features approximately 200,000 SF of retail, fitness, and medical office space. The property also has an attached 350-space parking garage for use by visitors.

"We are thrilled to have acquired this Class-A building in an incredibly desirable Chicago neighborhood. The strategic partnership between Farpoint and MCZ will bring new life to this exceptional property,” said Alex Katz, Managing Director at Farpoint.

The building, located in a densely populated and affluent neighborhood, is directly adjacent to a wide assortment of premium retailers, such as Apple, Crate & Barrel, Whole Foods, Lululemon, and more. Conveniently, the building is located only a few blocks away from the CTA Red Line which connects Lincoln Park to the rest of the city.