Amalfi Capital invests in LG Development’s Hugo project.
A three-property, light industrial ground up development portfolio located across multiple infill pockets of Central New Jersey, a top 5 industrial market in the U.S.
For Immediate Release – Wickatunk, NJ, Sept 5, 2021
New Construction: The Project is shovel-ready with permit in hand at closing. This shortens the
timeline from breaking ground to project stabilization. Additionally, many of the unknown elements of development are fully delineated upon completion of the preconstruction work, making it advantageous for an investor to come into a project at this stage.
Attractive Financing: The Project is financed with a HUD 221d(4) loan, which is one of the strongest financial products available in the marketplace. The loan automatically converts to a permanent facility upon delivery of the Project, removing refinance risk upon completion of construction. The first 18 months during the construction period are interest only. Thepermanent loan amortizes on a 40-year schedule, which significantly reduces annual debt service payments. Additionally, the Project will lock the interest rate for the life of the loan, taking advantage of this historically low interest rate environment. The interest rate lock is anticipated to be at 3.24%.
Rich in Amenities: HUGO will consist of 2 buildings totaling 227 high end apartments and 18,867 SF
of ground floor retail, perfectly located in Chicago’s dynamic River North neighborhood. Each building will be equipped with state-of-the-art fitness centers, multiple amenity terraces, a dog run, bike rooms, tenant storage and conference rooms with breakout work pods for those who want to both work and play from the convenience of their home. 751 N Hudson will have a 2nd floor pool deck with cabanas, fire pits, and an outdoor kitchen with multiple grills, as well as a 10th floor amenity deck with unobstructed views of the Chicago skyline. 411 W Chicago will have an extra- large sun deck with immaculate landscaping, lounge chairs, an outdoor kitchen with multiple grills, as well as its own 10th floor amenity deck with eastern views of the Gold Coast skyline.
“As we enter the Chicago market for the first time, we are very excited to partner with such an experienced sponsor in such a dynamic project. LG continues to deliver these types of projects in Chicago that not only add to the neighborhoods appeal but also bring a class A property that will engage the community “, said Mike Schnurr, m.p. of Amalfi.
Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 1 million square feet of property throughout the United States. Amalfi focuses on expanding its portfolio by partnering with highly experienced sponsors who are experts in their respective markets by investing in commercial & industrial assets that we believe are well positioned for above market returns over the long run. Amalficapital.biz – amalficapitalinfo@gmail.com