EverBank Commercial Real Estate recently completed a $2 million loan for the acquisition of a multi-use property in the Lincoln Park neighborhood. The property, located on Diversey, is 10,325 square feet and features both retail and multi-family housing.
The 100 percent occupied mixed-use property consists of six recently constructed condominium quality apartments, a climate-controlled parking garage and one commercial space, which is occupied by a chiropractor. Each three-bedroom, two-bath apartment has luxury, high-end finishes and appliances. The European kitchens include a laundry closet, custom wood cabinets, as well as Wolf and Sub-Zero appliances.
The $2 million loan has a loan-to-value ratio of 67 percent over a five year term, with a 30-year amortization.