Reed Meyer Of Lease312 Secures $1.6 Million Refinance For 1325 West Barry Avenue Multifamily

The asset involved in this transaction is a five-unit multifamily property located at 1325 West Barry Avenue in Chicago's Lakeview submarket. The property has undergone significant renovations, including full gut renovations of four units, with updates to plumbing, electrical systems, HVAC, and the addition of central air throughout the building. Currently, the building is fully occupied, housing one owner-occupied unit and an additional unit that operates as a short-term rental.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,600,000
• Borrower: Reed Meyer - Lease312
• Capital Markets Advisors: Asher Motew & Quinn Keenan - Essex Capital Markets
• Loan Type: Refinance
• Market: Chicago

The refinancing was structured to reflect the property's market rent capabilities instead of historical rent roll figures, ensuring that it could self-sustain its debt service without dependency on the occupancy or rental strategy of the sponsor. This approach permitted Essex Capital Markets to secure permanent financing, allowing the sponsor access to capital for future acquisitions.