Chicago-based JCF Real Estate selling development site near O'Hare

Development had a difficult time obtaining construction financing, a joint venture partner
  • JCF received approval for the project in mid-2012.
  • The listing of this development site could be a sign that lenders are growing cautious of further out Chicago rental projects.
  • JCF filed for Chapter 11 bankruptcy protection earlier this month.

Multifamily developers with sizable proposed projects outside of downtown Chicago are likely to have a increasingly difficult time obtaining construction financing. Take Chicago-based JCF Real Estate for example.