Essex Capital Markets, LLC closed the refinancing of a two-property, 90-unit multifamily portfolio located in Chicago’s Lincoln Park neighborhood on behalf of a longtime ownership group that owns and operates thousands of units under the well-known name, Beal.
Through a competitive financing process, Essex Capital Markets arranged a $20,800,000 loan with a national banking partner. The financing features a 5.35% interest rate, 75% loan-to-value, and one year of interest-only. In addition to securing favorable terms, the execution provided the sponsor with meaningful cash-out proceeds.
The portfolio consists of 2200–20 N. Clark Street, a 35-unit mixed-use asset, and 540–48 W. Surf Street, a 55-unit multifamily property. The transaction was facilitated by Directors Asher Motew and Quinn Keenan. Acting on behalf of Beal, the team led a structured refinancing initiative designed to introduce new capital sources while maintaining a controlled and efficient execution process.
Situated in one of Chicago’s most established and supply-constrained neighborhoods, the portfolio benefits from Lincoln Park’s durable renter demand, proximity to DePaul University, and walkable retail corridors along Clark Street and the lakefront. The neighborhood’s high barriers to entry and consistent investor interest continue to support strong fundamentals for multifamily ownership.
