Avalon Highlands Multifamily
StackSource recently arranged financing for a 100% occupied, 6 unit multifamily apartment building in Chicago's Avalon Highlands neighborhood. The sponsor acquired the property in 2015 and after renovating units and increasing occupancy from 50% at acquisition to 100%, they were able to refinance an existing high rate construction mortgage and cover closing costs and fees. Capital Advisor Chris Peters arranged financing with a local bank lender that provided a 10-year term loan with the first 5-years fixed rate at 4.75% and a 25-year amortization schedule. The loan was part of a 2 property refinance with the same borrower and lender.