Essex Capital Markets Arranges $1.7 Million Cash-Out Refinance for Wicker Park Multifamily Property
CHICAGO, ILLINOIS – Essex Capital Markets, LLC has arranged a $1,700,000 cash-out refinance for a three-unit multifamily property located at 2053 W. Evergreen Avenue in Chicago’s Wicker Park neighborhood. The financing allowed the sponsor to access equity through a local banking partner.
Transaction Summary: Essex Capital Markets secured a $1.7 million cash-out refinance for a three-unit multifamily property in Chicago’s Wicker Park neighborhood. The financing was arranged through a local bank with a 30-year amortization schedule, allowing the sponsor to access equity while securing a financing structure aligned with their investment objectives.
Wicker Park Multifamily Cash-Out Refinance: Transaction Details
How Was the $1.7 Million Wicker Park Refinance Structured?
Essex Capital Markets arranged the financing through a local banking partner, securing a 30-year amortization schedule for the three-unit multifamily property.
The cash-out refinance allowed the sponsor to access equity from the property. By evaluating financing options across different lenders and loan structures, the ECM team identified a solution aligned with the sponsor’s investment objectives.
The transaction was facilitated by Directors Asher Motew and Quinn Keenan and Analyst Josh Letellier.
Can You Get Commercial Financing for a Three-Unit Multifamily Property?
Yes. Two-to-four-unit investment properties may qualify for financing through banks and credit unions in addition to conventional residential mortgage options. Available financing depends on the property’s characteristics, ownership structure, borrower qualifications, and individual lender requirements.
For investors who own smaller multifamily properties through an LLC, commercial financing may provide additional options when evaluating acquisitions, refinances, and cash-out opportunities.
“People hear three units and assume the only answer is a residential mortgage. That’s just not true,” said Director Asher Motew. “There are banks and credit unions that want two-to-four-unit investment properties, even in an LLC with the owner living in the building. We ran a real market process, from 30-year fixed products to three, five, seven and ten-year loans, and got the sponsor a fixed rate and most of his equity back.”
The transaction demonstrates how a competitive lending process can uncover financing options for smaller multifamily properties that borrowers may not initially consider.
What Are the Benefits of a Cash-Out Refinance for Multifamily Investors?
A cash-out refinance allows a property owner to replace an existing mortgage with a larger loan and access a portion of the property’s available equity, subject to lender requirements and property performance.
For multifamily investors, accessing equity may support objectives such as:
- Funding future real estate acquisitions
- Financing property improvements or renovations
- Providing liquidity for other investment opportunities
- Restructuring existing property debt
In this transaction, the sponsor used a cash-out refinancing strategy to access equity through a local bank.
Why Is Wicker Park Attractive for Multifamily Investment?
Located on Chicago’s Northwest Side, Wicker Park is an established neighborhood known for its residential housing stock, active commercial corridors, and convenient transportation access.
The neighborhood’s proximity to the CTA Blue Line, restaurants, retail destinations, and surrounding employment centers contributes to its appeal among residents and multifamily investors.
For owners of smaller multifamily properties, understanding local rental demand, operating performance, and available financing options can be important when evaluating long-term investment strategies.
How Does Essex Capital Markets Help Investors Finance Smaller Multifamily Properties?
Essex Capital Markets works with commercial real estate owners and investors to identify financing opportunities across a nationwide network of banks, credit unions, agencies, life insurance companies, and debt funds.
Rather than relying on a single lender or financing product, the firm evaluates available capital sources based on each property’s characteristics and the sponsor’s investment objectives.
For smaller multifamily properties, that process can include comparing conventional mortgage products with commercial lending alternatives, fixed-rate and floating-rate structures, amortization schedules, and cash-out refinancing options.
The Wicker Park transaction reflects ECM’s ability to create competition among lenders and identify financing solutions for properties of varying sizes.
Work With Commercial Real Estate Financing Advisors
Whether you’re refinancing a two-to-four-unit property, accessing equity, or financing your next multifamily acquisition, Essex Capital Markets can help you compare lending options and evaluate financing structures that align with your investment strategy.
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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.