Cain International Provides $117M Loan For Condo Complex In Chicago
234 West Polk Street, Chicago, IL, USA
$117,000,000
Units
440
Asset Type
—
Closing
Nov 9, 2021
About this deal
AI
A $117 million loan has been secured for a condo property located at 234 West Polk Street in Chicago. The property consists of 440 units spread across 7 acres. The loan was provided by Cain International, with Matthew Rosenfield representing the lender.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $117,000,000
- Address: 234 West Polk Street
- Market: Chicago
- Number of Units: 440
- Land Area: 7 acres
The landlord of the property is Lendlease & Aware Super. The loan amount of $117 million will contribute to the financing of this condominium asset. This transaction demonstrates the confidence and investment in the Chicago real estate market.
On the Map
$117,000,000
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93