American Street Capital Arranges $8.2M Bridge Loan For Mixed-Use Property In Logan Square, Chicago
2315 North Milwaukee Avenue, Chicago, Illinois 60647, United States
$8,175,000
$295/SF
Building Size
27,650 SF
Asset Type
Mixed-use
Closing
Sep 27, 2021
AI
A bridge loan in the amount of $8,175,000 has been secured for a mixed-use property located at 2315 N Milwaukee Ave in Logan Square, Chicago. The property consists of 37 units.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $8,175,000
- Address: 2315 N Milwaukee Ave
- Market: Logan Square, Chicago
- Units: 37
Igor Zhizhin of American Street Capital represented the parties involved in the deal as the broker.
The bridge loan obtained for this transaction is a non-recourse 3-year floating term loan with interest-only payments.
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
1.94%
Cash-on-Cash
-0.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93