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

The transaction involves a multifamily portfolio comprising three properties with a total of 46 units located at 1035 West Byron Street, 2254 North Sawyer Avenue, and 1317 North Ashland Avenue in the Chicago market. The loan amount provided is $11,525,000, characterized as a refinance with terms including a rate of approximately 6.05%, non-recourse payment structure, partial interest-only payments, and flexibility for prepayment.

Summary of transation details:

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

Essex Capital Markets played a significant role in arranging the $11,525,000 permanent financing for the portfolio. The properties underwent extensive gut rehabilitation, with particular attention given to transforming a century-old former community building into apartments as part of the conversion process. Notably, the financing moved the portfolio from full-recourse construction debt to non-recourse permanent loans, successfully closing approximately 30 days post-stabilization without a seasoning period.