Lodge Financial facilitated three recent loan closings around Chicagoland. The subject properties include multifamily assets at 4400 S. Calumet Avenue and 6211 N. Kenmore Avenue in Chicago, as well as a retail property in Matteson, Illinois.
The Calumet Avenue asset, located in the Bronzeville neighborhood, features 31 units comprising 22 two-bed/one-bath, three three-bed/one bath and six one-bed/one-bath layouts. The property is fully occupied at market rate rents and recent underwent a gut rehab. Located in the Edgewater neighborhood, the Kenmore Avenue property includes 28 units—16 one-bed/bath residences and 12 studios. It too was recently rehabbed and is fully occupied at market rate. Both loans were funded by Freddei Mac’s SBL program with five-year, fixed-rate money amortized over 30 years on a nonrecourse basis.
Lastly, Lodge closed a $9,600,000 retail loan on behalf of an East Coast buyer for the acquisition of a leasehold interest. The 151,752-square-foot shopping center is located on Route 30, just east of 80th Avenue in Matteson. The acquisition, leasehold loan has a five-year term with a 10-year amoritization and 75 percent LTV.
