CHICAGO, ILLINOIS – Essex Capital Markets, LLC is pleased to announce the closing of an $11.525 million portfolio refinance for three multifamily properties totaling 46 units. Located at 1035 W. Byron Street, 2254 N. Sawyer Avenue and 1317 N. Ashland Avenue, the properties span Chicago’s Lakeview, Logan Square and West Town neighborhoods.
Financing Summary: Essex Capital Markets arranged $11.525 million in refinancing for a 46-unit multifamily portfolio spanning three Chicago neighborhoods. The seven-year hybrid loan was secured through a regional bank with a nonrecourse structure, allowing the sponsor to refinance the properties and access capital for upcoming acquisitions.
Chicago Multifamily Portfolio Refinance: Transaction Summary
Which Chicago Multifamily Properties Were Included in the Refinance?
The $11.525 million portfolio refinance included three multifamily properties located across Chicago:
- 1035 W. Byron Street: Lakeview
- 2254 N. Sawyer Avenue: Logan Square
- 1317 N. Ashland Avenue: West Town
Together, the properties comprise 46 multifamily units. The portfolio structure allowed the sponsor to address financing needs across multiple assets through a single transaction.
How Did Essex Capital Markets Structure the $11.525 Million Refinance?
The transaction was facilitated by Directors Asher Motew and Quinn Keenan, alongside Analyst Josh Letellier.
Working with a regional banking partner, the team secured seven-year hybrid financing with a nonrecourse structure, providing the sponsor with long-term financing and capital for upcoming acquisitions.
“Most lenders want a building to season before they’ll refinance it, and this sponsor didn’t have time for that. He had acquisitions lined up and needed his capital back,” said Director Asher Motew.
Why Was Refinancing Before the Properties Seasoned Important?
For multifamily investors, the timing of a refinance can influence their ability to pursue additional acquisitions. Some lenders prefer a property to demonstrate a period of operating history following an acquisition before considering refinancing.
In this transaction, the sponsor had upcoming acquisitions and needed access to capital without waiting for the properties to season. Essex Capital Markets worked with a regional banking partner to secure a financing structure that addressed the sponsor’s timing and capital needs.
The transaction illustrates how lender selection and loan structure can support an investor’s broader acquisition strategy.
Chicago Multifamily Investment Markets: Lakeview, Logan Square and West Town
The portfolio spans three distinct Chicago neighborhoods, each with its own residential character and amenities.
Lakeview offers proximity to Chicago’s lakefront, established entertainment districts and neighborhood retail corridors.
Logan Square is known for its historic boulevards, residential neighborhoods and active dining scene.
West Town features a mix of independent shops, restaurants, cultural destinations and established residential streets.
The properties’ locations across these three neighborhoods provide geographic diversity within Chicago’s multifamily market.
Who Arranged the Chicago Multifamily Portfolio Refinance?
The $11.525 million refinancing was arranged by Directors Asher Motew and Quinn Keenan, alongside Analyst Josh Letellier of Essex Capital Markets.
The closing reflects Essex Capital Markets’ expertise in aligning bank financing with investor priorities and delivering consistent execution across Chicago’s multifamily markets.
Work With Commercial Real Estate Financing Advisors
Whether refinancing an existing portfolio, accessing capital for future acquisitions or evaluating financing across multiple properties, selecting the right lending partner and loan structure can make a meaningful difference.
Essex Capital Markets works with commercial real estate owners, investors and developers to evaluate financing options across a nationwide network of 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.