The Habitat Company Refinances 448-Unit Long Grove House In Chicago's South Loop For $46.5M

Located at 2001 South Michigan Avenue in Chicago's South Loop neighborhood, the 448-unit Long Grove House recently underwent a refinancing deal. The property is managed by The Habitat Company, led by Matt Fiascone, and the leasing was facilitated by brokers Sue Blumberg and Kevin McCarthy of Northmarq. This multifamily asset offers a range of living options, catering to the needs of its diverse resident community.

Summary of transation details

• Property Type: Multifamily
• Transaction Amount: $46,497,000
• Loan Type: Refinance
• Loan Terms: 10-year loan with full-term interest-only structure

Northmarq successfully arranged a $46,497,000 million loan through Fannie Mae to refinance the 448-unit Long Grove House. The decision to opt for Fannie Mae instead of Freddie Mac was based on competitive interest rates and higher proceeds. The loan features a 10-year term and requires only interest payments throughout the duration of the agreement.