CHICAGO, ILLINOIS — Essex Capital Markets, LLC is pleased to announce the successful arrangement of a $2,655,000 land acquisition loan for a future multifamily development site located at 2323 W. Grand Avenue in Chicago’s West Town neighborhood.
The financing supports the acquisition of a multi-parcel development site while positioning the sponsor to advance the project’s next phase.
Transaction Summary
| Property | 2323 W. Grand Avenue, Chicago, Illinois |
|---|---|
| Neighborhood | West Town |
| Property Type | Land / Future Multifamily Development Site |
| Project Scope | Multi-Parcel Development Opportunity |
| Loan Type | Land Acquisition Financing |
| Loan Amount | $2,655,000 |
| Lender Type | Local Bank |
| Loan Term | One Year |
| Rate Structure | Floating Rate |
| Transaction Team | Director Quinn Keenan Director Asher Motew |
Financing Overview: West Town Land Acquisition Loan
On behalf of the client, Essex Capital Markets secured financing through a local banking partner after identifying a lender capable of meeting the transaction’s accelerated timeline and supporting the sponsor’s long-term development plans.
The one-year floating-rate acquisition loan was tailored to align with the project’s unique requirements while establishing a capital relationship that can continue into the construction phase.
The transaction was facilitated by Directors Quinn Keenan and Asher Motew.
“This wasn’t a straightforward land acquisition,” said Director Asher Motew. “The sponsor was assembling ten parcels, selling several back to a different buyer, and working against a closing deadline set by zoning approval. We had a matter of days from City Council approval to close. The sponsor’s existing relationship was at capacity, so ECM had to find them a new lender for this project. We got them a lender who could move on that timeline and who’s positioned to support the construction financing ahead.”
West Town Multifamily Development Market
West Town continues to be one of Chicago’s most active development corridors, fueled by strong residential demand, expanding neighborhood amenities, and its proximity to downtown. Readers can learn more about the area through the Choose Chicago West Town neighborhood guide.
As available development sites become increasingly limited, well-positioned land opportunities remain highly sought after by developers looking to deliver new multifamily housing in one of the city’s fastest-growing neighborhoods.
Essex Capital Markets Transaction Team
This transaction demonstrates Essex Capital Markets’ ability to execute financing for time-sensitive acquisitions while aligning sponsors with lending partners capable of supporting future growth.
From land acquisitions to construction financing and stabilized multifamily assets, the firm continues to deliver strategic capital solutions across Chicago’s evolving multifamily market.
Work With Commercial Real Estate Financing Advisors
Essex Capital Markets helps commercial real estate owners, investors, and developers evaluate capital sources and structure financing for land acquisitions, development opportunities, construction projects, and stabilized investments.
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About Essex Capital Markets
Essex Capital Markets is a Chicago-based commercial real estate capital advisory firm providing debt placement and financing solutions for investors, owners, and developers. Through extensive lender relationships and a disciplined market process, the firm helps clients secure financing structures aligned with their business plans and long-term investment objectives.