CHICAGO—Sandz Development has gained $20 million in financing for the conversion of the former Lincoln Park Hospital into the Webster Square apartment complex here at 558 W. Webster.
NorthMarq arranged the construction loan financing for redevelopment of the medical office building into a 75-unit multifamily property with 16,000 sq. ft. of first floor retail. Sue Blumberg, senior vice president and managing director with NorthMarq, said financing was based on an interest-only, three-year term with two one-year extensions.
“The borrower fought long and hard to obtain support and approval for what should have been a no-brainer,” Blumberg said. “This whole site will benefit the neighborhood. This is the right group for the right development in the right location.”