CHICAGO, ILLINOIS– Chicago-based multifamily brokerage firm Essex Realty Group, Inc., and Essex Capital Markets are pleased to announce the closing of 2934 North Milwaukee Avenue, an 18-unit mixed-use property located in Chicago’s Avondale neighborhood.
The property features 13 apartment units and 5 commercial units anchored by a newly executed 15-year lease with JPMorgan Chase.
Brokers Jordan Gottlieb and Matt Feo generated significant interest in the property during the marketing phase, resulting in over 20 property tours with prospective buyers and several offers.
“The apartments having been completely gut rehabbed 20 years ago were in great shape with fantastic modern layouts. The retail anchored by a new lease with JPMorgan Chase and a 26-car surface parking lot were a huge draw for buyers,” says Jordan Gottlieb, Principal at Essex Realty Group, Inc.
Financing for 2934 North Milwaukee Avenue was secured by the Essex Capital Markets team of Darragh Griffin and Quinn Keenan on behalf of the buyer. The financing package is comprised of a $4.2 million, seven-year loan from a regional lender, featuring a fixed interest rate swap of 6.14%.
“Financing for mixed-use assets can be challenging in today’s market. We were able to find a solution that worked favorably for the buyer by utilizing our vast network of lenders throughout the country,” said Darragh Griffin, President at Essex Capital Markets, LLC.
The property sits at the edge of Chicago’s growing Logan Square and Avondale neighborhoods, with prime access to transportation, including nearby CTA Blue Line stations, bus stops, and the Kennedy Expressway, offering tenants seamless city connectivity.