$21M Lincoln Park Refinance Arranged by Essex Capital Markets
Essex Capital Markets, LLC, announced the refinancing of a two-property, 90-unit multifamily portfolio located in Chicago’s Lincoln Park neighborhood on behalf of a longtime ownership group that owns and operates under the name Beal.
Through a competitive financing process, Essex Capital Markets arranged a $20.8 million loan with a national banking partner. The financing features a 5.35% interest rate, a 75% loan-to-value, and one year of interest-only payments. In addition to securing favorable terms, the execution provided the sponsor with meaningful cash-out proceeds.
The portfolio consists of 2200–20 N. Clark Street, a 35-unit mixed-use asset, and 540–48 W. Surf Street, a 55-unit multifamily property. The transaction was facilitated by Directors Asher Motew and Quinn Keenan. The portfolio benefits from Lincoln Park’s durable renter demand, proximity to DePaul University, and walkable retail corridors along Clark Street and the lakefront.
Other News
Queens’ Tallest Tower Reaches 90% Leased, Adds First Retail Tenants
BLDG Management Co., Inc announced that The Orchard, Queens’ tallest tower, has surpassed 90% leased across its 824 residences nine months after launching residential leasing. The milestone occurs as the 70-story Long Island City development recently signed its first three retail tenants: K-beauty brand Tokimo, Japanese tea and beverage brand Mollytea and financial technology platform...
Learn more
80-Unit Seniors Housing Development Opens in Suburban Chicago
Leyden Senior Apartments, a new four-story independent senior living development in Franklin Park, recently opened. Located at 2506 N. Mannheim Road, Leyden Senior Apartments offers one- and two-bedroom residences. The adjacent newly constructed Carl Fiorito Senior Center will be available to the entire community. Owned by Leyden Apartments LP, Leyden Senior Apartments was designed by...
Learn more
312-Unit Multifamily in Indiana Changes Hands
Northmarq’s Investment Sales team, led by Bobby Schiavone, Jordan Arand and Adam Klenk, led the sale of The Bend Apartments, a 312-unit garden apartment community located at 1909 Greentree Blvd. in Clarksville, Indiana. Northmarq represented the seller, a regional multifamily developer. The buyer was a private investor. “The Bend generated significant investor demand, further proving...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout