Updated Oct 29, 2024
1788 Holdings LLC Secures $7.5M Loan For Multi-Tenant Industrial Property In Chicago
1120 E 89th St Chicago, IL 60619, USA
$7,500,000
Building Size
—
Asset Type
Industrial
Closing
Aug 30, 2023
About this deal
AI
A $7.5 million loan has been secured for a fully leased multi-tenant industrial property located at 1120 East 89th Street in Chicago. The property is owned by 1788 Holdings LLC and is characterized as an older industrial property that has been revitalized by the borrower. The loan, provided by a regional bank, will be used by 1788 Holdings LLC for post-closing property improvements.
Summary of transation details
- Property Type: Industrial
- Transaction Amount: $7,500,000
- Market: Chicago
- Landlord: 1788 Holdings LLC
- Broker: Maverick Commercial Mortgage Inc - Ben Kadish
Maverick Commercial Mortgage Inc, represented by Ben Kadish, facilitated the acquisition loan. 1788 Holdings LLC specializes in revitalizing older industrial properties and will utilize the loan to further enhance the multi-tenant industrial property in Chicago.
On the Map
$7,500,000
Industrial
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Chicago Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.12%
Cash-on-Cash
-0.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93