Carlton Group retained as exclusive advisor for sale/assumption of $16 million note

The Carlton Group, Ltd. has been retained as the exclusive advisor for the sale or assumption of a $16 million performing note, secured by a prime development site in the South Loop neighborhood. This unimproved land is approximately 6.6 acres (286,646 sf) and is zoned for "Downtown Mixed-Use District," which permits a mixture of residential and commercial uses. This is a tremendous redevelopment opportunity for an investor to purchase this site for a mixed-use project including office, lodging, restaurants, retail, residential and sports complex. This site has been studied for a development of a 1,700-unit luxury rental apartment complex and would be ideal given the increasing, high demand for multifamily assets in the Chicago market and nationwide.