CHICAGO, ILLINOIS– Essex Capital Markets, LLC is pleased to announce the successful closing of a $9.5 million loan to refinance a 24-unit multifamily property in Chicago’s Old Town neighborhood. The loan acquisition, originated by Darragh Griffin, President, and Quinn Keenan, Analyst, was secured on behalf of a local private investment group.
The property is a luxury mixed-use building in Old Town, featuring 23 high-end apartments and a ground-level retail space currently occupied by Philz Coffee.
The loan acquisition package includes a three-year, full-term interest only life company loan of $9.5 million.
The property is situated in the heart of Wells Street, a lively main thoroughfare home to several popular local restaurants and bars. One of Chicago’s largest and well-known parks, just 2 blocks to the east of the property is Lincoln Park and just a 15-minute walk through the park is North Avenue Beach.
“We are delighted with our execution on the “Wells Street Asset” for a valued long-standing client. By providing exceptional optionality and flexibility, we were able to tailor a solution that met their unique needs, reenforcing our commitment to foster enduring relationships and delivering outstanding customer service” said President, Darragh Griffin.
To speak with our Capital Markets team about refinancing your multifamily property, please fill out the form below.