CHICAGO, ILLINOIS — Essex Capital Markets and Essex Realty Group are pleased to announce the successful financing and sale of 439–449 West Stevens Drive, a 23-unit multifamily property located in Addison, Illinois.
Financing Structure
Financing for the acquisition was arranged by Essex Capital Markets, which secured a $2.15 million agency loan through Freddie Mac. The five-year loan included an initial two-year interest-only period and was structured to support a competitive acquisition strategy.
The financing was arranged by Managing Director Elliott Quigley and Directors Asher Motew and Quinn Keenan.
“Another example of Essex Capital Markets navigating the agency process where execution matters most,” said Motew. “Despite tight cash flow conditions, we structured maximum leverage that allowed the sponsor to remain competitive on pricing while preserving investor returns.”
Transaction Overview
The well-maintained asset sold for $3,290,000 and features a desirable unit mix with immediate income upside supported by below-market rents. The sale was facilitated by Essex Realty Group Director Anthony Citriglia.
“This transaction underscores the continued strength of suburban multifamily and the importance of experienced, collaborative execution on all sides,” said Citriglia“Through a targeted marketing strategy and competitive positioning, we secured a highly qualified buyer and guided the transaction through a smooth closing process.”
Integrated Platform Advantage
This transaction highlights the collaborative strength of the Essex platform, combining Essex Realty Group’s investment sales expertise with Essex Capital Markets’ financing advisory to deliver a coordinated acquisition and capital solution for the sponsor.