Culver's operator pays $2.2 million for Wrigleyville parcel

The $1.6 million commercial real estate loan made by Urban Partnership Bank’s Marcia Nicholson, senior business banker to help Culver’s acquire the property for their first restaurant in Chicago was featured in the July 3, 2014 online issue of Crain’s Chicago Real Estate Daily.  Construction of the new Wrigleyville restaurant is expected to be completed prior to opening day of the 2015 baseball season.   

CRAIN’S

July 3, 2014

Culver's operator pays $2.2 million for Wrigleyville parcel

Justin Obriecht, the Culver’s franchisee who is bringing the burger chain’s first restaurant to the city, said he paid $2.2 million for the Wrigleyville property where it will open. Mr. Obriecht, who runs five Culver's in Chicago’s suburbs, bought the empty, 3,300-square-foot bank building at 3500 N. Clark St. from Hoffman Estate investor Lisa Weinstein. Mr. Obriecht said he 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 about $4.8 million. Urban Partnership Bank provided a $1.6 million loan for the acquisition, according to Marcia Nicholson, senior business banker at the Chicago-based lender.