On March 20, 2017, Shapiro & Associates Law completed the zoning entitlements, acquisition and […] The post Mokena Transaction appeared first on Shapiro & Associates.
On March 20, 2017, Shapiro & Associates Law completed the zoning entitlements, acquisition and financing of an approximate 5-acre property located in Mokena, Illinois on behalf of one of our clients. Our tasks included contract negotiations, due diligence, drafting a development agreement with the Village, Covenants, Conditions and Restrictions, final plat of subdivision, title and survey review, loan document review, and completion of loan and property closing process with multiple entity purchasers. What made the transaction particularly challenging was that the construction financing related only to a portion of the property, and thus to eliminate inclusion of the remaining property from the debt collateral, we subdivided the property, closed the loan on parcel 1, followed by the remaining parcels. The property has now been subdivided into three parcels with construction of a nationally known daycare center already occurring on parcel 1. There are 2 parcels remaining which are prime for development and will be marketed shortly for sale and/or lease.
*Photo courtesy of Google Map
The post Mokena Transaction appeared first on Shapiro & Associates.
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