Black Bear Capital Partners Arranges $7M Refinance Loan For Next Gravity's Industrial Property On N Cherry Avenue, Chicago
1350 N Cherry Ave Chicago, Il 60642, Usa
$7,000,000
$175/SF
Building Size
40,000 SF
Asset Type
Industrial
Closing
May 19, 2023
AI
The industrial property located at 1350-60 N Cherry Avenue in Chicago, IL has recently undergone a refinancing transaction. The property spans 40,000 square feet and is owned by Next Gravity.
Summary of transation details
- Property Type: Industrial
- Transaction Amount: $7,000,000
- Loan Type: Refinance
- Loan Terms: The property was refinanced with a 5-year 5.75% fixed rate loan.
Black Bear Capital Partners represented Next Gravity in the refinancing deal. Scott Modelski, a broker from Black Bear Capital Partners, played an integral role in facilitating the transaction.
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
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93