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, consisting of 5 residential units and ground-floor commercial space. The property has undergone a refinance transaction amounting to $1,850,000, structured as a non-recourse loan. The terms include max leverage, a 30-year amortization period, and an initial 12 months of interest-only payments.

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 interest-only, 30-year amortization

Essex Capital Markets facilitated the refinance for the property, returning capital to the investors and shifting the debt off the borrower’s contingent liabilities. The advisors engaged in a comprehensive market process and successfully negotiated terms with a lender who had initially not led the process, ultimately closing the deal in 22 days despite changing market rates.