Gabe Horstick And Alec Greenberg Secure $11.5 Million Refinance For Chicago Multifamily Portfolio

The transaction involves a three-property, 46-unit multifamily portfolio located at 1035 West Byron Street in Lakeview, 2254 North Sawyer Avenue in Logan Square, and 1317 North Ashland Avenue in West Town, Chicago. The loan amount secured for these properties is $11,525,000, utilized for refinancing purposes, with a blended rate of approximately 6.05%. The financing terms include non-recourse, partial interest-only, and flexible prepayment options.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $11,525,000
• Units: 46
• Borrower: Gabe Horstick & Alec Greenberg - Base 3 Development
• Capital Markets Advisors: Asher Motew & Quinn Keenan - Essex Capital Markets
• Loan Type: Refinance
• Loan Terms: ~6.05% Blended Rate | Non-Recourse | Partial IO | Flex Prepay

Essex Capital Markets facilitated the permanent financing for this multifamily portfolio, moving it off full-recourse construction debt onto nonrecourse permanent loans approximately 30 days after stabilization. The properties underwent substantial renovations, including the conversion of a century-old former community building into apartments with a vertical addition on Ashland Avenue.