Centerline Capital Group has provided a $5.2 million Fannie Mae fixed rate loan to facilitate the acquisition of the Lunt Apartments in Chicago.
The property is located in the Rogers Park neighborhood of Chicago’s north side, approximately 8.5 miles north of the Chicago central business district. The Lunt Apartments consists of two, non-contiguous mid-rise apartment buildings that are located across the street from one another on Lunt Avenue. The property is comprised of a total of 110 units. The first building is a 54-unit, four-story building that was constructed in 1930. The second facility was built in 1932 and is a six-story building with 56 apartments.
Both buildings are currently 100 percent occupied and the borrower is Ansonia Properties LLC. Centerline was able to meet tight purchase timeframes, closing the loan in 47 days.
The neighborhood is also influenced by the presence of Loyola University, which is located in Rogers Park. Loyola’s lakeshore campus serves as the main residential undergraduate campus with more than 3,200 students. In addition, Rogers Park has more than 30 beaches and parks.
The loan was closed by a team in Centerline’s Chicago office. The Mortgage Banking Group at Centerline provides mortgage financing for conventional multifamily properties throughout the United States. Centerline is a Fannie Mae DUS lender, Freddie Mac seller-servicer, FHA-approved mortgage provider and source for other forms of alternative capital.
