CHICAGO, ILLINOIS– Essex Capital Markets, LLC is pleased to announce the successful refinancing of a six-unit multifamily property located at 2216 West 21st Place in Chicago’s Pilsen neighborhood. The loan was arranged on behalf of a local private investor by Essex Capital Markets Analyst, Quinn Keenan.
This property features a unit mix of six (6) two-bedroom/one-bath unit apartments. In 2023, the property had undergone a significant renovation, and some of the apartment improvements consisted of new kitchens and updated bathrooms.
The financing package includes a $795,000 bank loan with a 5-year term, 6.625% fixed rate, up to 66.25% LTV, and a flexible 5-4-3-2-1 prepayment structure.
Pilsen is a culturally rich neighborhood situated roughly 3.5 miles southwest of Chicago’s Loop. The neighborhood of Pilsen features a diverse population mix including families, creative professionals, business professionals, medical students, and grad students.
“Our focus from the start was keeping the process simple and efficient for the borrower. They were up against a tight deadline, where missing the maturity date would have triggered extension fees and a time-consuming workout process. While they had a competitive offer on the table, we saw room to do better on both rate and proceeds. By staying hands-on and moving quickly — especially around the appraisal — we were able to close ahead of maturity and deliver a cash-out refinance that aligned with their long-term goals,” said Analyst, Quinn Keenan.