$3,500,000 Bridge Loan
Gold Coast, Chicago, IL
6,200 Square Feet
June 2016 – Avant Capital Partners originated a loan in the amount of $3,500,000 secured by a first mortgage on a luxury condominium unit located in Chicago’s Gold Coast. The Property was unencumbered and the Loan provided funds to the borrower to complete the purchase of another property that will serve as a future residence. The short term loan represents 47% of Avant’s valuation of the collateral.
The collateral consists of a 6,200-square foot three bedroom, four bath condominium unit located in a 19-unit boutique building. The eight-story building features an eclectic French architectural style with an interior landscaped courtyard and landscaped rooftop garden with city and lake views. Amenities include a 24-hour doorman and an attached 50-car parking garage. The unit features ten-foot ceilings, luxury finishes, multiple balconies, 6” plank white oak floors, custom cove molding, suede wrapped walls, and a Bulthaup kitchen. Balconies and views of the lake, park and skyline.
The building is located near Lake Michigan and Michigan Avenue in Chicago’s Gold Coast neighborhood. The Gold Coast is an affluent quarter characterized by historic mansions, row houses and high-rise apartments located just north of Downtown Chicago.