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Nicholas Stocking Of Stocking Urban Secures $7.025M Refinance Loan For Kimball Arts Center

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FINANCED
$7,025,000

Illinois

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Mixed-use48,000 SF
Financed 09/17/2024
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Property Image
FINANCED

Nicholas Stocking Of Stocking Urban Secures $7.025M Refinance Loan For Kimball Arts Center

1757 North Kimball Avenue

See Similar Deals
Mixed-use48,000 SF
Financed 09/17/2024
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Summary

ILLINOIS
Asset Type:Mixed-use
Price Per Square Foot:$146
Total Square Footage:48,000 SF
Transaction Type:Loan

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.

Players

3 deals$17.3M volume
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Details

FINANCED
IMAGE: Ryan Morris & Nicholas Stocking DATE: 09/17/2024 ADDRESS: 1757 North Kimball Avenue MARKET: Chicago ASSET TYPE: Mixed-use ~ SF: 48,000 LENDER: StanCorp LANDLORD: Nicholas Stocking - Stocking Urban (@StockingUrban) BROKER: Ryan Morris - BWE LOAN AMOUNT: $7,025,000 LOAN TYPE: Refinance NOTE FROM LANDLORD: Kimball Arts Center is a fully rehabbed 48,000 square foot loft building located next to the 606 Trail, where Logan Square meets Humboldt Park. Home to a collection of creatives, artists, designers, makers, and entrepreneurs.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$7,025,000.00

Monthly NOI$46,833.33
Monthly Debt Service$44,402.78
Change in Cash Flow$0.00
Refinance Proceeds$0.00