Essex Capital Markets Arranges $2.8M Refinance For Mixed-Use Property In West Humboldt Park

A mixed-use property consisting of 25 units is located in the West Humboldt Park market. The transaction involved a refinancing loan amount of $2,800,000 for the asset. The financing structured maximized leverage with fixed-rate cash-out options, focusing on stable rent rolls for optimal loan structuring.

Summary of transaction details:

• Property Type: Mixed-Use
• Transaction Amount: $2,800,000
• Loan Type: Refinance
• Loan Terms: Max Leverage | 18-MO IO | Limited Recourse Burn-Off
• Capital Markets Advisors: Asher Motew & Quinn Keenan - Essex Capital Markets

Asher Motew and Quinn Keenan from Essex Capital Markets facilitated the loan arrangement, particularly with a regional bank unfamiliar to the sponsor. They effectively secured favorable terms by sizing the loan based on the stabilized rent roll rather than trailing statements, achieving maximum cash-out and limited recourse provisions within an 18-month interest-only period.