Chicago, IL, September 06, 2017 –(PR.com
)– Pangea Mortgage Capital (“PMC”) is pleased to announce the closing of a $1.0 million loan to finance the construction of two condominium units located in Chicago’s Lakeview neighborhood.
On August 8, 2017, PMC closed a construction loan in less than 20 business days from term sheet signing. The loan is fixed rate and interest only. The loan is collateralized by the condominiums, which are near completion.
The property is located in Lakeview, just one block from Belmont Harbor.
The arrangement of the loan included complexities of loan payoffs and maturities, interest reserves, construction budgets and a compressed timeline.
“Our clients needed certainty of close and a partner to help bring the project to completion,” said Scott Larson, Vice President and Group Head at PMC. “We believe the condominiums excellent build quality, combined with great location will be highly attractive to potential buyers.”
About Pangea Mortgage Capital:
Pangea Mortgage Capital is a nationwide commercial lender headquartered in Chicago, Illinois. PMC provides financing on real estate backed assets, with loan sizes between $1 million and $25 million. The Company is a subsidiary of Pangea Properties, a national multi-family housing owner with over 13,000 units. It is PMC’s mission to serve lower-middle market real estate investors, owners and operators by unlocking value through creative transactions. To learn more about the Company, please visit www.pangeamortgage.com.
To discuss any potential financing opportunities, please call (312) 489-8108 or email [email protected]