CHICAGO, ILLINOIS — Essex Capital Markets, LLC announced the successful closing of a $2.24 million refinance for a 12-unit multifamily portfolio located in Chicago’s Portage Park neighborhood. The financing was arranged with a national bank and features a five-year term with a fixed interest rate.
Transaction Details and Loan Structure
The transaction was facilitated by Managing Director Elliott Quigley and Directors Quinn Keenan and Asher Motew on behalf of the ownership group. The transaction provided the sponsor with cash-out proceeds at a 68.39 percent loan-to-value ratio, aligning long-term financing stability with near-term capital flexibility. The refinance was structured to support the ownership’s broader investment strategy while maintaining a streamlined and efficient execution.
Market Coverage
“This cash-out refinance is a prime example of how we work with our clients. We paired a sophisticated local developer with a non-recourse lender that aligned with their strategy and kept the process smooth from start to finish. The lender’s rate-lock flexibility gave us the ability to time the market, and we locked when the five-year UST was near its 52-week low,” said Quinn Keenan, who led the transaction on behalf of Essex Capital Markets. “It is a smart outcome for a sharp sponsorship team and a clear reflection of our market awareness and our ability to save clients time and money.”
The property is located in Portage Park, a stable Northwest Side neighborhood known for its strong residential character, convenient access to transit corridors, and consistent renter demand. The area continues to attract both owner-operators and long-term investors seeking durable fundamentals and limited new supply.
This closing further reflects Essex Capital Markets’ ability to deliver reliable, sponsor-focused financing solutions and execute consistently across Chicago’s multifamily submarkets.
About Essex Capital Markets
Essex Capital Markets, LLC offers bespoke financing solutions to mid-market investors and developers.
To speak with our Capital Markets team, please fill out the form below.