Essex Capital Markets Arranges Refi for Pilsen Multifamily
Essex Capital Markets has completed the refinancing of a six-unit multifamily property located at 2216 West 21st Place in Chicago’s Pilsen neighborhood. The loan was arranged on behalf of a local private investor by Essex Capital Markets Analyst Quinn Keenan.
This property features a mix of six two-bedroom/one-bath apartments. In 2023, the property underwent a significant renovation, and some of the apartment improvements consisted of new kitchens and updated bathrooms. The financing package includes a $795,000 bank loan with a 5-year term, 6.625% fixed rate, up to 70% LTV, and a flexible 5-4-3-2-1 prepayment structure.
“Our focus from the start was keeping the process simple and efficient for the borrower,” said Keenan. By staying hands-on and moving quickly, especially around the appraisal, we were able to close ahead of maturity and deliver a cash-out refinance that aligned with their long-term goals.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout