Urban Partnership Loan Brings Culver's to Chicago
Urban Partnership Bank has made a $1.6 million commercial real estate loan for casual dining franchise Culver’s to acquire property for their first restaurant in Chicago. Construction of the new restaurant, located near Chicago's Wrigley Field, is expected to be completed prior to opening day of the 2015 baseball season. Justin Obriecht, the Culver’s franchisee who is bringing the burger chain’s first restaurant to the city, wants to add about 2,500 square feet on the property's first floor to make room for the restaurant. He also plans to add two new floors with six apartments to the building, estimating the entire project will cost $4.8 million.