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William Ryan secures $40M construction loan for Bartlett Ridge subdivision
The Schaumburg-based home builder is developing 45 homes near Naperville Road and Lake Street
William Ryan Homes secured a $40 million construction loan for a subdivision it’s developing in Bartlett.
The Schaumburg-based home builder is planning 45 single-family homes at Bartlett Ridge, a 13.5 acre site near Naperville Road and Lake Street, according to to county and village records.
Fifth-Third Bank is providing the financing for the project, Cook County records show.
The loan was recorded the same day as a deed for the development site, which the builder bought for $358,000 from HDP Bartlett Ridge LLC — an entity controlled by Chris Fiegen, the head of Grass Lake Capital, county records show.
Construction at the project, which will also feature a bike path and detention pond, started last year. Homes will ask between $355,000 to $413,000, according to William Ryan Homes’ website.
A spokesperson for the builder did not immediately return a call seeking comment.
Sales of new construction homes in the Chicago area are up so far this year, in part because of builder price cuts. New home sales were up 3 percent through the end of September, compared to the same period last year, according to a report from consulting firm Tracy Cross & Associates.
Overall, an estimated $4.95 billion will have been spent on new home construction in the Chicago area by the end of 2018, representing a 20 percent drop year over year and a decline of one-third since 2016, according to data New York-based Dodge Data & Analytics.
Money spent on home construction in the region more than tripled between 2011 and 2016, jumping from $2.26 billion to $7.29 billion, but has been declining ever since, according to the report.