CHICAGO, ILLINOIS — Essex Capital Markets, LLC is pleased to announce the successful financing of a mixed-use property located at 2249 North Lincoln Avenue in Chicago’s Lincoln Park neighborhood.
Transaction Summary
- Loan Type: Acquisition and Construction Financing
- Address: 2249 North Lincoln Avenue, Chicago, Illinois
- Property Type: Office Spec
- Location: Lincoln Park, Chicago
- Loan Amount: $1,188,750
- Lender Type: Local Bank
- Loan Structure: 75% Loan-to-Cost, Floating Rate at Prime + 50 Basis Points, Full-Term Interest-Only
- Capital Markets Team: Director Asher Motew and Director Quinn Keenan
Financing Overview: Acquisition and Construction Loan for Lincoln Park Mixed-Use Property
On behalf of the sponsor, the Essex Capital Markets team of Directors Asher Motew and Quinn Keenan arranged a $1,188,750 acquisition and construction loan with a local banking partner.
The financing was structured at 75% loan-to-cost with a floating rate of Prime plus 50 basis points and full-term interest-only payments, providing the sponsor with flexibility throughout the repositioning and buildout process.
“The borrower had gone direct to a lender and got retraded when the appraisal didn’t support their structure. He came to us with the seller ready to walk on a building he had already designed around his own vision, architectural plans done, his business ready to move in, and a speakeasy concept mapped out for the second floor,” said Director Asher Motew. “We had the deal in front of lenders within hours and a signed term sheet the next day. Ultimately, we delivered a floating-rate bridge structured specifically around his business plan and renovation timeline.”
Lincoln Park Mixed-Use Financing Market
Located just off the Lincoln and Belden corridor, the approximately 4,200-square-foot property sits within one of Chicago’s most established mixed-use retail and residential pockets.
Lincoln Park continues to attract both local operators and investors seeking highly walkable locations with strong long-term demand, particularly for thoughtfully repositioned mixed-use assets.
Essex Capital Markets Transaction Team
The transaction was facilitated by Director Asher Motew and Director Quinn Keenan.
This closing further highlights Essex Capital Markets’ ability to structure tailored financing solutions for complex, business-plan-driven acquisitions while delivering reliable execution across Chicago’s competitive investment sales and multifamily markets.
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About Essex Capital Markets
Essex Capital Markets is a Chicago-based commercial real estate capital markets advisory firm specializing in multifamily and investment property financing. The firm works with property owners and investors to arrange acquisition loans, refinancing, and debt recapitalizations through relationships with banks, agency lenders, debt funds, and private capital sources across the commercial real estate lending market.