CHICAGO, ILLINOIS – Essex Capital Markets, LLC is pleased to announce the successful $14.5 million financing of a newly built, 35-unit mixed-use property located at 691 N. Milwaukee Ave. in Chicago’s River West neighborhood.
Financing Summary: Essex Capital Markets arranged $14.5 million in recapitalization financing for a newly built, 35-unit mixed-use property at 691 N. Milwaukee Ave. in Chicago’s River West neighborhood. The three-year, non-recourse debt fund loan carries a 7.25% fixed interest rate and 65.91% LTV for the fully occupied property.
River West Mixed-Use Recapitalization: Transaction Summary
How Was the $14.5M River West Financing Structured?
The Essex Capital Markets team of Directors Asher Motew and Quinn Keenan and Analyst Josh Letellier arranged the three-year, non-recourse debt fund financing on behalf of the sponsor.
The fixed-rate loan carries a 7.25% interest rate and 65.91% loan-to-value ratio, providing a bridge solution for the fully occupied property ahead of an upcoming loan maturity.
“This was a brand-new, fully built building with a signed retail lease still waiting to commence, and the sponsor needed to move ahead of a maturity they didn’t want to extend. Bridge and debt fund financing can carry a stigma with sponsors who haven’t used it before, so finding the right lender mattered. Renovo services their own loans instead of securitizing them, which gave the sponsor real comfort, and it ended up being some of the most competitive pricing available in today’s market, bridge or bank,” said Director Asher Motew.
Why Did Debt Fund Financing Fit the Property?
The newly built mixed-use property was fully occupied at the time of financing, with a signed retail lease still awaiting commencement. With an existing loan maturity approaching, the sponsor sought a financing solution that would provide additional time and flexibility without extending the existing debt.
Essex Capital Markets evaluated available capital sources and arranged a three-year, non-recourse debt fund execution. The $14.5 million fixed-rate loan provided the sponsor with a bridge solution at 65.91% LTV while positioning the property for its next phase.
About the River West Mixed-Use Property
Located along Milwaukee Avenue in River West, 691 N. Milwaukee Ave. sits within a well-connected mixed-use corridor between Chicago’s West Loop, Fulton Market and Near North Side.
The area provides convenient access to downtown Chicago and continues to support a mix of multifamily development, retail and neighborhood amenities. The newly built 35-unit mixed-use property was fully occupied at the time of financing.
Who Arranged the River West Recapitalization?
The $14.5 million financing was arranged by Directors Asher Motew and Quinn Keenan and Analyst Josh Letellier of Essex Capital Markets.
The transaction highlights Essex Capital Markets’ ability to evaluate a broad range of capital sources and identify financing that aligns with both an asset’s current position and a sponsor’s broader objectives. The closing further demonstrates the firm’s consistent execution across Chicago’s multifamily and mixed-use markets.
Work With Commercial Real Estate Financing Advisors
Commercial real estate financing involves more than comparing interest rates. Loan proceeds, lender type, recourse, term, flexibility and execution can all affect which financing structure best aligns with a property and its business plan.
Essex Capital Markets works with commercial real estate owners, investors and developers to evaluate financing options across banks, credit unions, agencies, debt funds, life companies and other capital sources.
Talk With Essex Capital Markets
About Essex Capital Markets
Essex Capital Markets is a commercial mortgage brokerage firm providing financing solutions for commercial real estate owners, investors and developers. The firm combines institutional-level execution with access to a nationwide network of lending partners to help clients identify competitive capital structures across a range of property types and transaction sizes.