CHICAGO, ILLINOIS – Essex Capital Markets, LLC is pleased to announce the successful $1,912,500 refinancing of an 11-unit multifamily property located at 4101 W. Nelson St. in Chicago’s Avondale neighborhood.
Financing Summary: Essex Capital Markets arranged a $1.9125 million refinance for an 11-unit multifamily property at 4101 W. Nelson St. in Chicago’s Avondale neighborhood. The five-year permanent loan was placed with a local credit union at a 6.00% interest rate and 75% LTV for the fully occupied property.
Avondale Multifamily Refinance: Transaction Summary
How Was the 4101 W. Nelson St. Refinance Structured?
Essex Capital Markets arranged the $1.9125 million Avondale multifamily refinance through a local credit union. The five-year permanent loan carries a 6.00% interest rate and 75% loan-to-value ratio for the fully occupied 11-unit property.
The transaction was facilitated by Directors Asher Motew and Quinn Keenan and Analyst Josh Letellier.
“This sponsor put real capital into the building after he acquired it, and it shows in how the property performs today. The wrinkle was an ADU issue that’s fairly new to Chicago’s ordinance, and we needed a lender who understood how that piece works and wouldn’t shortchange the unit count. We got him full credit for the building he actually built, on a permanent loan that takes him through the next five years,” said Director Asher Motew.
How Did the ADU Affect the Multifamily Refinance?
A key consideration during the refinancing process involved an accessory dwelling unit, or ADU, and how the lender would recognize the property’s unit count. Because the sponsor had invested significant capital into the building after acquisition, receiving appropriate recognition for the property as it operates today was an important component of the financing.
Essex Capital Markets identified a lender that understood the property-specific ADU consideration and was comfortable providing full credit for the building’s 11-unit count. The resulting permanent financing provided the sponsor with a $1.9125 million loan at 75% LTV and a 6.00% interest rate for a five-year term.
Why Is Avondale an Active Chicago Multifamily Market?
Located on Chicago’s Northwest Side, Avondale has become an increasingly active multifamily market, supported by its proximity to Logan Square, access to public transportation, and established residential character.
The neighborhood continues to attract investment in existing housing stock, including properties where owners have made meaningful improvements designed to enhance long-term performance. At the time of financing, 4101 W. Nelson St. was 100% occupied.
Who Arranged the Avondale Multifamily Refinance?
The financing was arranged by Director Asher Motew, Director Quinn Keenan, and Analyst Josh Letellier of Essex Capital Markets.
The closing highlights Essex Capital Markets’ ability to navigate property-specific considerations and identify lenders that understand the nuances of Chicago multifamily assets. By pairing local market knowledge with a broad lending network, the firm continues to deliver financing solutions for multifamily investors across Chicago.
Work With Commercial Real Estate Financing Advisors
Commercial real estate refinancing involves more than comparing interest rates. Leverage, lender underwriting, property-specific considerations, loan structure, and execution can all materially affect the outcome of a transaction.
Essex Capital Markets works with commercial real estate owners, investors, and developers to evaluate financing options across banks, credit unions, agencies, debt funds, life companies, and other capital sources.
Talk With Essex Capital Markets
About Essex Capital Markets
Essex Capital Markets is a commercial mortgage brokerage firm providing financing solutions for commercial real estate owners, investors, and developers. The firm combines institutional-level execution with access to a nationwide network of lending partners to help clients identify competitive capital structures across a range of property types and transaction sizes.