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1788 Holdings LLC Secures $7.5M Loan For Multi-Tenant Industrial Property In Chicago
FINANCED
$7,500,000
Illinois
See Similar DealsIndustrial
Financed 08/30/2023
FINANCED
1788 Holdings LLC Secures $7.5M Loan For Multi-Tenant Industrial Property In Chicago
1120 E 89th St Chicago, IL 60619, USA
See Similar DealsIndustrial
Financed 08/30/2023
Summary
ILLINOIS
Asset Type:Industrial
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,500,000.00
Monthly NOI$50,000.00
Monthly Debt Service$47,405.10
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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