CHICAGO, ILLINOIS– Essex Capital Markets, LLC is pleased to announce the successful closing of a $59.1 million refinance package for ten multifamily properties located in Chicago’s Lakeview neighborhood, totaling 549 units. The financing was secured on behalf of a Chicago-based private investment firm with President, Darragh Griffin, and Analyst, Quinn Keenan facilitating the transaction.
The complete financing package for the ten properties featured 6 full-term interest-only loans – several for just a single property and others for a combination of buildings. The interest rates were between 5.14% and 5.25% over various terms ranging from seven to twelve years. Altogether, the package totaled $59,100,000, offering flexible and competitive terms to support the client’s long-term investment goals
The properties, located just steps from Chicago’s Lake Michigan comprise a total of 549 units, all meticulously cared for by ownership.
• 530 West Arlington Place – 93 Units
• 451 West Melrose Street – 63 Units
• 3941 North Pine Grove Avenue – 105 Units
• 440 West Barry Avenue – 64 Units
• 527-37 West Aldine Avenue, 2616 North Hampden Court, 649-57 West Oakdale Avenue – 114 Units
• 523-31 West Fullerton Avenue, 536 West Grant Place, 543-53 West Wellington Avenue – 100 Units
All ten properties are in Chicago’s Lakeview neighborhood, a neighborhood renowned for its vibrant atmosphere, combining residential streets, bustling commercial areas, and scenic lakefront views. The neighborhood features popular attractions such as Wrigley Field, diverse dining options, and a variety of cultural and entertainment venues.
“We are extremely proud of the execution we delivered for one of our core relationships, in the face of a volatile yield environment. We identified a structure and picked the right lender, who could facilitate navigating the idiosyncrasies of such a unique portfolio in a timely and efficient manner,” said Darragh Griffin.