Saturday, January 12, 2019 || By Local News Curator || @maywoodnews
According to a Jan. 7 article in RE Journals, an industry magazine for Midwestern commercial real estate, a developer is looking to build a truck parking facility in Melrose Park.
“Martin Siegel of Wool Finance Partners has arranged $6,500,000 in acquisition and construction financing for a proposed 12.5-acre, 277-space, monthly overnight truck parking facility in Melrose Park,” the article explains.
“The borrower will be acquiring and demolishing an existing 300,000-square-foot industrial facility to create a gate-secured, fence-enclosed and lighted monthly parking facility for 277 tractor-trailers.”
The loan is structured over 24 months, with a floating interest rate. The article did not specify the address of the industrial facility or go into any more details about the company behind the proposal.
Village officials with Melrose Park were not available on Saturday afternoon to comment on the proposed development. VFP
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