CHICAGO, ILLINOIS — Essex Capital Markets, LLC is pleased to announce the successful refinancing of a nine-unit multifamily property located at 1926-28 North Humboldt Boulevard in Chicago’s Palmer Square neighborhood.
Transaction Summary
- Transaction Type: Multifamily Refinance
- Address: 1926-28 North Humboldt Boulevard, Chicago, Illinois
- Neighborhood: Palmer Square
- Property Type: Multifamily Apartment Building
- Unit Count: 9 Units
- Loan Amount: $2,950,000
- Loan Structure: 5-Year Fixed Rate Regional Bank Loan
- Leverage: 80% Loan-to-Value
- Interest Rate: 5.84%
- Brokers: Managing Director Elliott Quigley, Director Quinn Keenan, and Director Asher Motew
Transaction Overview: Palmer Square Multifamily Refinance
The transaction was facilitated by Managing Director Elliott Quigley and Directors Quinn Keenan and Asher Motew.
Essex Capital Markets arranged a $2,950,000 regional bank loan featuring a five-year term, 80% loan-to-value, and a fixed interest rate of 5.84%, providing the sponsor with a high-leverage execution while maintaining flexibility and long-term stability.
“We were engaged after the sponsor received an LOI direct from an existing lender that fell short on proceeds and flexibility. Our mandate was clear: maximize cash-out while maintaining a non-recourse structure, low fees, flexible prepay, and meaningful interest-only — no small task in this environment,” said Director Asher Motew.
“After running a full market process, we ultimately re-leveraged another existing relationship and delivered a materially improved execution. Just as critical, we worked closely with Haley Plotnick and the broader Wintrust Bank team to navigate a challenging appraisal, leveraging proprietary comp data to help justify a significant increase in value and get the deal across the finish line.”
Palmer Square Multifamily Lending Market
Located along North Humboldt Boulevard between Palmer Square and Logan Square, the property sits within one of Chicago’s most sought-after multifamily corridors.
The neighborhood continues to attract strong renter demand driven by its historic housing stock, walkability, access to public transit, and proximity to Milwaukee Avenue’s retail and dining corridor.
As investor activity across Chicago’s Northwest Side remains active, well-positioned multifamily assets in submarkets like Palmer Square continue to see strong lender appetite.
Chicago Multifamily Financing Execution
This transaction highlights Essex Capital Markets’ ability to create tailored financing solutions for multifamily investors navigating today’s lending environment.
By leveraging deep lender relationships and disciplined execution, the firm continues to deliver competitive outcomes for sponsors across Chicago’s 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.