Problem:
A Chicago-based owner-operator pursued acquisition financing directly with a lender on a 2-story, ~4,200 SF mixed-use brick building at 2249 N Lincoln Ave – a purchase just off the Lincoln/Belden corridor in Lincoln Park. Without a broker or formal market process, the borrower had no competitive leverage when the lender’s appraisal came in short of projected stabilized value. The lender retraded, the structure became unworkable, and the seller set a hard deadline. The business plan added another layer of complexity – a full spec office build on the first floor where the borrower is relocating his own business, architectural plans already complete, and a potential speakeasy concept being developed on the second floor.

Solution:
The borrower came to Essex Capital Markets. We immediately ran a targeted market process, identifying lenders capable of underwriting a non-standard owner-occupied business plan and closing on a compressed timeline. The deal required a lender willing to get comfortable with a spec office build and an entertainment use on the second floor – not a profile that fits neatly into a standard credit box. Within 24 hours of engagement, a term sheet was signed.

Outcome:
Closed May 5, 2026. Essex delivered a floating-rate bridge at Prime + 50 bps, 75% LTC, with full-term IO – structured to carry the borrower through a full interior repositioning of the asset. The financing covered both the acquisition and renovation, giving the sponsor the runway to execute his build-out on his own timeline without the pressure of immediate debt service.