Lodge Financial arranged financing for two separate transactions in the Chicago area. A $3,750,000 loan will go toward the refinancing of a 33,500-square-foot land parcel in Chicago’s West Loop neighborhood, while in Waukegan, Illinois, Lodge Financial raised $1,892,000 on behalf of a client to acquire a four-building multifamily portfolio.
In the West Loop, Lodge Financial’s Matthew Lebenson recently closed the $3,750,000 loan to refinance an existing loan and cash out a substantial amount of equity that has been created due to the explosive growth of the submarket. This assignment was challenging due to the NOI in place falling short of covering annual debt service at the requested loan amount. Lebenson was successful in procuring a local balance sheet lender that understood the significant growth in this specific submarket which continues to show rapid appreciation in all directions of the subject property. With a loan advance under 70 percent of value, the lender felt comfortable cashing out a portion of the newly created value on a non-recourse basis at an appropriate rate.
Separately, Lodge Financial’s Matthew Bowker recently closed a $1,892,00 loan for the acquisition of a four-building portfolio totaling 41 units. Bowker was successful in locking in a competitive rate with full leverage on a non-recourse basis through Lodge Financials long-standing relationship with Freddie Mac and their Small Balance Loan platform. The properties are located at 116-124 Drew Lane and 2645-2647 W. Monroe Street.