November 02, 2020
Long-stalled Skokie apartment project back on track
Securing financing for big apartment developments is harder than it was pre-COVID, but a strong suburban housing market is working in developer John Murphy's favor.
ALBY GALLUN
Quote:
Chicago developer John Murphy is jump-starting a stalled 12-story apartment project in downtown Skokie after securing a $38.5 million construction loan for the building.
Murphy took control of the 153-unit development at 8000 N. Lincoln Ave. at what seemed like a bad time: In April, during the early stages of the coronavirus pandemic. The stock market had just crashed, the economy was in lockdown and lenders were in no mood to finance big, risky real estate projects.
|
https://www.chicagobusiness.com/comm...ect-back-track