The Philipsborn Company has completed long-term, fixed-rate, non-recourse first mortgage financing for two apartment buildings located on Chicago’s north side, according to president Andrew Philipsborn. The financing on the three-story walk-ups totaled $2,240,000.
One building is situated on the corner of Leland and Talman, consisting of 20 apartments, including six units with a bath; eleven one-bedrooms with a bath and three studio apartments. The 10-year, non-recourse loan with a 30-year amortization schedule was provided by Freddie Mac’s Small Business Loan program in conjunction with Greystone Servicing Corporation.
The second building is located at the northwest corner of Gunnison and Washtenaw and features a garden-level basement and 12 one-bedroom, one-bath units. The 10-year, non-recourse term loan with a 25-year amortization schedule was provided by ICA Mortgage Capital, an exclusive correspondent lender for Philipsborn. Both buildings were constructed in the early 1920s.
Andrew Philipsborn and vice president David Kubert structured and negotiated the transaction on behalf of the borrower, two separate limited liability companies.
The Philipsborn Company is a 94-year-old Chicago-based mortgage banking firm specializing in debt and equity financing of commercial real estate.