Berkadia Arranges $10.6M PACE Construction Loan for Multifamily Project in Suburban Chicago

TINLEY PARK, ILL. — Berkadia has arranged a $10.6 million PACE construction loan for The Magnuson, a 144-unit, ground-up multifamily project in the Chicago suburb of Tinley Park. Jason Bond of Berkadia arranged the loan through PACE Loan Group on behalf of the borrower, Illinois-based One Magnuson Lane LLC. Matthew McCormack represented PACE Loan Group on an internal basis. The property is currently under construction, but a timeline for completion was not provided. PACE, which stands for Property Assessed Clean Energy, is a program that enables financing for energy efficiency and renewable energy components of properties.