Nicholas Stocking Of Stocking Urban Secures $7.025M Refinance Loan For Kimball Arts Center
1757 North Kimball Avenue
$7,025,000
$146/SF
Building Size
48,000 SF
Asset Type
Mixed-use
Closing
Sep 17, 2024
About this deal
AI
The asset involved in this transaction is a mixed-use property located at 1757 North Kimball Avenue in Chicago. The building spans 48,000 square feet and has undergone full rehabilitation, enhancing its appeal and functionality. The loan amount for this property was $7,025,000, and this transaction is categorized as a refinance.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $7,025,000
- Address: 1757 North Kimball Avenue
- Market: Chicago
- Lender: StanCorp
- Landlord: Nicholas Stocking - Stocking Urban
- Broker: Ryan Morris - BWE
- Loan Type: Refinance
- Square Footage: 48,000
Key individuals involved in this transaction include Nicholas Stocking, who serves as the landlord and is associated with Stocking Urban. Ryan Morris represented the deal as the broker from BWE. The specific focus of the property is its association with a creative community, housing various artists, designers, makers, and entrepreneurs.
On the Map
$7,025,000
$146/SF
Mixed-use
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Players
Chicago Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.26%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93