Nicholas Stocking And Rene Hertsberg Secure $1.85 Million Refinance For Mixed-Use Property In Chicago

1749 West Chicago Avenue is a 6-unit mixed-use property located in Chicago's West Town neighborhood, comprising 5 residential units and ground-floor commercial space. The refinance transaction involved a loan amount of $1,850,000.

Summary of transaction details:

• Property Type: Mixed-Use
• Transaction Amount: $1,850,000
• Borrower: Nicholas Stocking & Rene Hertsberg - Stocking Urban
• Capital Markets Advisors: Asher Motew, Quinn Keenan & Josh Letellier - Essex Capital Markets
• Loan Type: Refinance
• Loan Terms: Non-Recourse | Max Leverage | Flex Prepay
• Loan Structure: 12 months of interest-only, 30-year amortization, step-down prepay
• Market: Chicago
• Date: 09/23/2026

Essex Capital Markets facilitated the arrangement of the non-recourse refinance and executed a full market process to ensure favorable terms. The lender, who was initially not the front runner, held firm at the requested proceeds amidst fluctuating rates and successfully closed the transaction within 22 days.