Cohen Financial has arranged a total of $11.25 million refinancing for two apartment properties located in the Lincoln Park neighborhood of Chicago. Michael Grant, director of Cohen Financial in the Chicago office, secured a $5.25 million loan for a five-story, elevator 110 unit apartment property consisting of 42 studios, 68 one bedroom units and 62 parking spaces. This property is located in the Lakeview. Mr. Grant also secured a $6 million loan for a five-story, elevator 118 unit building consisting of 41 studios, 68 one bedroom and 9 two bedroom units and 75 parking spaces This property is located within the Lincoln Park neighborhood. The properties are both 100 percent leased.
Mr. Grant secured two fixed-rate, 10-year term loans both with a 30-year amortization schedule. The loans were arranged with Freddie Mac in cooperation with Wells Fargo Multifamily Capital. The borrower is a family operated limited liability company. The transactions closed in May 2011.
“Both loans were low loan-to-value and Freddie Mac provided the best GSE option,” said Mr. Grant.
