Concord Capital Secures $2.95M Cash-Out Refinance For Multifamily Asset In Chicago

The asset involved in this transaction is a vintage multifamily property located at 1926 North Humboldt Boulevard in Chicago, comprising 9 units. This property was refinanced with a loan amount of $2,950,000 through a cash-out refinance strategy.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,950,000
• Lender: Haley Plotnick - Wintrust Financial
• Borrower: Drew Millard, Stacy Mondrus & Kevin Schnell - Concord Capital
• Capital Markets Advisors: Asher Motew & Quinn Keenan - Essex Capital Markets
• Loan Type: Cash-Out Refinance
• Loan-to-Value Ratio: ~80%
• Interest Rate: Fixed rate in the mid-5s
• Interest-Only Period: 12 months
• Prepayment: Flexible
• Structure: Non-recourse

Essex Capital Markets represented the borrower in this transaction, successfully navigating an existing LOI that did not meet the financial requirements. They facilitated a competitive market by leveraging a relationship lender to improve the execution. The appraisal initially presented a conservative estimate; however, collaboration between the bank and appraisal team allowed for a significant value increase, enabling the completion of the deal.