CHICAGO, ILLINOIS — Essex Capital Markets, LLC is pleased to announce the successful financing of a six-unit multifamily property located at 1247 North Cleaver Street in Chicago’s West Town neighborhood.
Transaction Overview
The transaction involved a $1.15 million, two-year bridge loan arranged with a local banking partner. Financing was arranged by the Essex Capital Markets team of Managing Director Elliott Quigley and Directors Quinn Keenan and Asher Motew, while the sale of the property was facilitated by Essex Realty Group Director Brian Keegan.
Financing Strategy
The fixed-rate structure was designed to support the sponsor’s first multifamily acquisition in Chicago, providing competitive leverage, open prepayment flexibility, and execution certainty aligned with the borrower’s business plan.
“1247 N Cleaver was our client’s first multifamily investment in Chicago, and our focus was on clearly positioning his experience and business plan as we approached our network of lenders,” said Elliott Quigley. “By working closely on the budget and pro forma and crafting a tight, lender-ready story, we achieved an extremely competitive outcome with a fixed-rate loan north of 70 percent LTC and open prepay. This is the level of execution we aim to deliver on every deal.”
Integrated Platform Advantage
This transaction reflects the strength of the integrated Essex platform, with Essex Capital Markets and Essex Realty Group supporting multifamily sponsors with seamless acquisition and financing execution throughout Chicago.
Submarket Context: West Town
Located just west of downtown, West Town remains one of Chicago’s most active multifamily submarkets, supported by strong renter demand, walkable neighborhoods, and proximity to major employment corridors.