First Bank and Trust Company Illinois

Michigan Condominium/Retail

Overview: $18,000,000 construction loan to complete New Buffalo, Michigan development, featuring 41 residential and 6 retail units.

Timing: 60 days from signed term sheet to closing.

Unique Characteristics:

Loan provides 80% of construction costs for high-quality development.
Financing structure uniquely blends presale requirements, unit asking prices and construction funding to keep project moving.
Borrower is able to take advantage of New Buffalo's small town atmosphere, beautiful beach, and extensive harbor.
Development will be less than 1 hour by train to downtown Chicago, Illinois.
Primary or secondary option for buyers who wish to work in downtown Chicago, yet still live in Michigan.