CHICAGO, ILLINOIS — Essex Capital Markets, LLC is pleased to announce the successful refinancing of a 90-unit multifamily portfolio in Chicago’s Lincoln Park neighborhood, securing $20,800,000 in new financing on behalf of longtime ownership group Beal.
Structured Competitive Financing Process Delivers 75% LTV and Cash-Out Proceeds
Through a competitive financing process, Essex Capital Markets arranged a $20,800,000 loan with a national banking partner. The financing features a 5.35% interest rate, 75% loan-to-value, and one year of interest-only. In addition to securing favorable terms, the execution provided the sponsor with meaningful cash-out proceeds.
Property Overview: 90-Unit Lincoln Park Multifamily Portfolio
The portfolio consists of 2200–20 N. Clark Street, a 35-unit mixed-use asset, and 540–48 W. Surf Street, a 55-unit multifamily property. The transaction was facilitated by Directors Asher Motew and Quinn Keenan. Acting on behalf of Beal, the team led a structured refinancing initiative designed to introduce new capital sources while maintaining a controlled and efficient execution process.
“We were proud to advise Beal on this portfolio refinancing,” said Asher Motew, Director at Essex Capital Markets. “With over 40 years of ownership experience, the sponsor understands the importance of relationships and execution. Our role was to run a disciplined process across both existing and new lenders, allowing him to evaluate all options while we managed the heavy lifting. The result was a new lending relationship and loan structure that delivered maximum proceeds and aligned with the long-term portfolio strategy.”
Situated in one of Chicago’s most established and supply-constrained neighborhoods, the portfolio benefits from Lincoln Park’s durable renter demand, proximity to DePaul University, and walkable retail corridors along Clark Street and the lakefront. The neighborhood’s high barriers to entry and consistent investor interest continue to support strong fundamentals for multifamily ownership.
Essex Capital Markets Reinforces Its Role as a Strategic Chicago Capital Advisor
This closing reinforces Essex Capital Markets’ role as a strategic capital advisor, overseeing lender strategy, underwriting, and negotiations with precision. By structuring competitive refinancing solutions in Chicago’s most sought-after submarkets, ECM continues to support seasoned multifamily owners in advancing their long-term portfolio objectives.
About Essex Capital Markets
Essex Capital Markets serves as a trusted capital advisory partner for multifamily owners and operators, focused on improving execution—from initial pricing and lender selection to structuring terms that match each sponsor’s goals and business plan. Each engagement is tailored to the client and the asset, with a solutions-oriented approach designed to deliver certainty, flexibility, and long-term value.
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