CHICAGO, ILLINOIS — Essex Capital Markets is pleased to announce the successful refinancing of a five-unit multifamily property located at 2020 South Allport Street in Chicago’s Pilsen neighborhood.
Transaction Summary
- Loan Type: Refinance
- Address: 2020 South Allport Street, Chicago, Illinois
- Property Type: Multifamily Apartment Building
- Location: Pilsen, Chicago
- Unit Count: 5 Units
- Loan Amount: $900,000
- Lender Type: Regional Bank
- Loan Terms: 5.85% Fixed Rate, 170 Basis Point Spread, 63% Loan-to-Value, 7-Year Term
- Capital Markets Team: Director Asher Motew and Director Quinn Keenan
Financing Overview: Regional Bank Refinance for Pilsen Multifamily Property
On behalf of the sponsor, the Essex Capital Markets team of Directors Asher Motew and Quinn Keenan arranged a $900,000 regional bank loan featuring a 5.85% fixed interest rate, 170 basis point spread, 63% loan-to-value ratio, and a seven-year term.
The refinancing delivered long-term stability alongside flexible prepayment terms, while also establishing a new banking relationship for the sponsor.
“The sponsor put serious capital into this asset — half a million dollars in renovations on top of acquisition — and operated it the right way for years. What we needed to establish was whether the market would recognize that work at refinance time. It did,” said Director Asher Motew. “We closed at $900,000, 5.85% fixed, with extraordinarily flexible prepayment. This lender hadn’t been part of their banking relationships before. They are now. Happy to have gotten this one across the finish line for our tremendous sponsors.”
Pilsen Multifamily Financing Market
Located on Chicago’s Lower West Side, Pilsen continues to attract multifamily investors seeking strong neighborhood fundamentals, proximity to downtown, and a growing renter base drawn to the area’s established culture and evolving housing stock.
The submarket has remained active as investors pursue well-positioned assets with long-term upside and durable occupancy trends.
Essex Capital Markets Transaction Team
This transaction highlights Essex Capital Markets’ ability to secure competitive regional bank financing for experienced multifamily operators across Chicago’s middle-market investment landscape.
Through disciplined execution and lender relationships, the firm continues to deliver financing solutions tailored to both stabilized assets and long-term ownership strategies throughout 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.