Essex Capital Markets Arranges $1.51 Million Loan For Acquisition Of Multifamily Property In Chicago

1010 North Wood Street is a five-unit multifamily property located in Chicago's West Town neighborhood. The acquisition loan secured for this property amounts to $1,510,000, with a loan type designated as acquisition. The loan terms include a 6.00% interest rate, a loan-to-value (LTV) ratio of 75%, and a flex prepayment option.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,510,000
• Loan Type: Acquisition
• Loan Terms: 6.00% Rate | 75% LTV | Flex Prepay
• Capital Markets Advisors: Asher Motew & Quinn Keenan - Essex Capital Markets
• Address: 1010 North Wood Street, Chicago
• Units: 5

Asher Motew and Quinn Keenan from Essex Capital Markets arranged the acquisition loan for the property. They locked pricing early in the process to mitigate mid-deal rate fluctuations and addressed a diligence item that arose during underwriting, delivering an executable term sheet within two business days of receiving the assignment.