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$19M Seed Jump-Starts Condo, Retail Project

CHICAGO-JFJ Development and Dionysus Enterprises secure a three-year loan at 75% leverage to develop a Dominick's grocery store and condos in the Lakeview neighborhood.

By Gina Kenny | Updated on March 25, 2008

CHICAGO-A joint venture between JFJ Development Co. and Dionysus Enterprises LLC have received an $18.9-million pre-development loan for a residential and retail development in Chicago’s Lakeview neighborhood.

Dennis Nyren, a principal with locally based MJ Partners Capital Services, says the development at 3030 N. Broadway St. will be constructed in two phases. The estimated cost for the 150,000-sf phase one is about $50 million, he tells GlobeSt.com.

First Bank in St. Louis and M&I Bank in Milwaukee provided first mortgage financing to cover pre-development costs and refinance a loan for the land acquisition. Nyren says the financing has a three-year term and a loan-to-value of 75%.

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