Daniel Spitz Of Captivate Real Estate Group Secures $1,188,750 Loan For Lincoln Park Office Acquisition

A 2-story, approximately 4,200 square foot mixed-use brick building located at 2249 North Lincoln Avenue in Chicago was involved in this financing transaction. The acquisition and construction loan was set at $1,188,750, with terms structured as 75% loan-to-cost, a rate of Prime plus 50 basis points, and full-term interest-only payments.

Summary of transaction details:

• Property Type: Spec Office
• Transaction Amount: $1,188,750
• Address: 2249 North Lincoln Avenue
• Market: Chicago
• Sponsor: Daniel Spitz - Captivate Real Estate Group
• Capital Markets Advisors: Asher Motew & Quinn Keenan - Essex Capital Markets
• Loan Type: Acquisition & Construction
• Loan Terms: 75% LTC | PRIME + 50 BPS | FTIO

Daniel Spitz represented Captivate Real Estate Group as the sponsor of the deal. Asher Motew and Quinn Keenan from Essex Capital Markets acted as capital markets advisors, facilitating swift lender engagement after a challenge arose, allowing for a signed term sheet the following day to support both acquisition and full interior repositioning.