Lodge Financial’s Matthew Lebenson recently closed a $1,475,000 commercial mortgage secured by a newly rehabbed, 6-unit multifamily property located in the heart of Chicago’s Ukrainian Village. Sponsorship’s desire is to hold onto the property and collect cash flow for another year or two until disposition.
Lebenson was successful in arranging a 24-month loan that recaptured a significant amount of initial equity at a competitive rate. Additionally, there is no pre-payment penalty structured into the loan providing sponsorship the flexibility to sell the asset at anytime during term without the incurred cost.
Located at 816 N. Leavitt Street, the gut rehabbed apartment building features 2-bedroom, 1-bathroom units with high-end kitchens and bathrooms defined by original woodwork and character. Each unit includes central air conditioning, in-unit laundry and two units come with private balconies.