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CHICAGO, IL – December 5, 2018 – 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. (https://alcovemdp.com/) 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.”