L & N Real Estate Consultant‘s (L&N’s), Matthew Lebenson, was successful in securing a 7 year fixed rate commercial loan at a competitive rate of 4.75%, amortized over 30 years at 80% leverage.
The property is a three-story, walk-up, restricted rent apartment building, located at 5957-59 S. Calumet and 352-58 E. 60th Street in the Washington Park community on the south side of Chicago. It has a Class 9 Low Income Tax status. The apartments have an unobstructed view of Washington Park.
The property was listed for $2,525,000 with Interra Realty since November 2013 and went under contract in January 2014.