FINANCEDMixed-use
Michael Motew & Ken Motew Of Mo2 Properties Secure $14.5 Million Mini-Perm Loan In Chicago
691 North Milwaukee Avenue
$14,500,000
Units
34
Asset Type
Mixed-use
Closing
Sep 17, 2026
About this deal
AI
691 North Milwaukee Avenue is a mixed-use property located in Chicago, featuring 35 units that include newly constructed multifamily housing and ground-floor retail space. The property recently secured a loan amounting to $14,500,000 to support its financial needs.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $14,500,000
- Asset Type: 35 units
- Loan Type: Mini-Perm
- Loan Terms: Non-Recourse | Fixed Rate | Flex Prepay
- Borrower: Michael Motew & Ken Motew - Mo2 Properties; Jason Wiznitzer - J2 Equities
- Capital Markets Advisors: Asher Motew, Quinn Keenan - Essex Capital Markets; Matthew Stearns, Zach Lutwak-Fitzgerald, Michael Bernstein - Black Bear Capital Partners
- Lender: Kevin Werner, Brandon Moulton, Eric Workman - Renovo Financial
- LTV: 65.91%
- LTC: 87.00%
- Fixed Rate: 7.25%
- Prepay: 1-0-0
- Interest: Full-term interest-only
Essex Capital Markets arranged the loan to provide liquidity to the sponsors ahead of an upcoming loan maturity while the retail space undergoes build-out. The new lender relationship established is specifically tailored for larger, more complex transitional deals.
On the Map
$14,500,000
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
1.09%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93