Avalon Highlands Multifamily

Chicago
,
IL
5/25 bridge loan take-out
Amount: $
315875
Interest Rate: 
4.75
%

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.


Charitable Cause supported by 1% of StackSource's revenue on this transaction: