CHICAGO, ILLINOIS– Essex Capital Markets, LLC is pleased to announce the successful closing of a $9.5 million loan to refinance a 24-unit multifamily property in Chicago’s Old Town neighborhood. The financing, originated by Darragh Griffin, President, and Quinn Keenan, Analyst, was secured on behalf of a local private investment group.
The property is a luxury mixed-use building in Old Town, featuring 23 high-end apartments and a ground-level retail space currently occupied by Philz Coffee.
The financing package includes a three-year, full-term interest only life company loan of $9.5 million.
The property is situated in the heart of Wells Street, a lively main thoroughfare home to several popular local restaurants and bars. One of Chicago’s largest and well-known parks, just 2 blocks to the east of the property is Lincoln Park and just a 15-minute walk through the park is North Avenue Beach.
“We are delighted with our execution on the “Wells Street Asset” for a valued long-standing client. By providing exceptional optionality and flexibility, we were able to tailor a solution that met their unique needs, reenforcing our commitment to foster enduring relationships and delivering outstanding customer service” said President, Darragh Griffin.