CHICAGO, ILLINOIS — Essex Capital Markets, LLC is pleased to announce the successful refinancing of a single-tenant retail property located at 1623 N. Sheffield Avenue in Chicago’s Lincoln Park neighborhood. The $8,500,000 financing included $7,500,000 in initial proceeds with an additional $1,000,000 earnout, providing the sponsor with a financing structure designed to support both current and future objectives.
Transaction Summary
- Loan Type: Refinance
- Address: 1623 N. Sheffield Avenue, Chicago, Illinois
- Property Type: Single-Tenant Retail
- Neighborhood: Lincoln Park
- Loan Amount: $8,500,000 ($7,500,000 Initial Proceeds + $1,000,000 Earnout)
- Interest Rate: 6.02% Fixed (Swap)
- Interest-Only Period: 1 Year
- Lender Type: Regional Bank
- Capital Markets Team: Director Quinn Keenan and Director Asher Motew
Financing Overview: Lincoln Park Retail Refinance
On behalf of the client, Directors Quinn Keenan and Asher Motew arranged refinancing through a regional banking partner for a single-tenant retail asset located at 1623 N. Sheffield Avenue in Chicago’s Lincoln Park neighborhood.
The financing included $7,500,000 in initial proceeds with an additional $1,000,000 earnout, resulting in a total loan amount of $8,500,000. The loan features a 6.02% fixed rate based on a swap, a one-year interest-only period, and a structure designed to balance flexibility with the sponsor’s long-term ownership strategy.
“Supera is a repeat client and one of the most established family-office owners on the North Side of Chicago, so the bar for execution was high,” said Director Quinn Keenan. “This was not a cookie-cutter single-tenant retail refinance. The asset has been owned long term, World Market has operated there for nearly three decades, and the new lease extension includes a rent reset beginning in 2027. The key was getting the market to underwrite that forward lease value while structuring around the lease timing and working through deal-specific diligence. We were ultimately able to secure a coterminous loan term, a future earnout, and limited recourse through an affiliated securities fund, which was a great result for the sponsor.”
Lincoln Park Commercial Real Estate Financing Market
Lincoln Park remains one of Chicago’s most established commercial corridors, benefiting from a dense residential population, strong consumer demand, and a mix of national retailers and long-standing local businesses.
Well-positioned retail assets with experienced ownership continue to attract lender interest, particularly when supported by durable tenancy and long-term market fundamentals.
Essex Capital Markets Transaction Team
This closing reflects Essex Capital Markets’ ability to structure financing solutions for complex commercial real estate transactions by leveraging deep lender relationships and market expertise.
From neighborhood retail assets to multifamily investments across Chicago, the firm continues to deliver tailored financing strategies backed by consistent execution and trusted advisory.
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About Essex Capital Markets
Essex Capital Markets is a Chicago-based commercial real estate mortgage brokerage specializing in debt and equity placement for multifamily, mixed-use, office, retail, industrial, and investment properties. By leveraging relationships with local, regional, and national lending partners, the firm delivers customized financing solutions tailored to each client’s investment strategy.