Parkview Financial announced it has provided a $22.75 million construction loan to a joint venture of Noah Properties and MPM Holdings for the development of a for-sale, 67-unit townhouse project. Sited on 2.2 acres at 4155 W. Melrose Street, 3202 N. Kildare Street, and 4200 W. Belmont Avenue in the Avondale neighborhood of Chicago, IL, the project will consist of eight, three-story buildings. Construction recently commenced with completion anticipated for spring 2021.
The project will offer a mix of three-, four-, and five-bedroom townhomes each with a two- or three-car garage. All of the units will include a private rooftop, private yard, fireplace, high-end kitchen appliance package, and custom cabinetry. In addition, the complex will feature a clubhouse with gym, kitchen, and party room; playground; grilling stations; and a dog run and dog washing area.
“This marks Parkview’s second construction loan we have provided to this experienced joint venture,” said Paul Rahimian, CEO of Parkview Financial. “We were pleased with their performance on the first project and are confident they will deliver a quality project to the up-and-coming Avondale neighborhood of Chicago.”
The vast majority of the homes in the Avondale area were built prior to 1939 and new construction is in high demand. Though not considered as trendy as the rapidly changing adjacent neighborhoods of Roscoe Village and Logan Square, Avondale was recently recognized as one the nation’s “10 hottest, need-to-visit ‘hoods’” by popular travel website Lonely Planet.
Noah Properties specializes in the development of luxury single family, condo, and apartments developments has been a developer and property manager in the Chicago area since 2002.