Lodge Financial’s Matthew Lebenson recently closed a $3,360,000 loan for the acquisition and rehab of a 28-unit apartment building located in the Edgewater neighborhood of Chicago. Sponsorship plans on updating all of the units with new kitchens, baths, a/c units and flooring as well as refreshing all common areas.
Additionally, the building exterior will be cleaned up and painted, coupled with new landscaping. The business plan will be to remodel units as leases mature, resulting in a stable cash flow stream throughout loan term.
Situated at 6211 N. Kenmore Avenue, the value-add building was constructed in 1969. Located within walking distance of both the Loyola University campus and Lake Michigan, the five-story property consists of studio and one-bedroom apartments with 19 parking spaces.
