Essex Capital Markets Arranges $1,672,500 Acquisition Loan For Chicago Multifamily Property

2027 North Humboldt Boulevard is a five-unit multifamily property located in the Logan Square neighborhood of Chicago. The acquisition loan amount is $1,672,500, and the loan is structured with a 6.00% rate and a 74% loan-to-value ratio with limited recourse.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $1,672,500
• Loan Type: Acquisition
• Loan Terms: 6.00% Rate | 74% LTV | Limited Recourse
• Capital Markets Advisors: Asher Motew & Quinn Keenan - Essex Capital Markets
• Lender: Local Credit Union
• Spread: 175 bps
• Amortization Schedule: 30 years
• Portfolio Growth: Helped the sponsor cross the 100-unit mark

Asher Motew and Quinn Keenan from Essex Capital Markets arranged the acquisition loan, working closely with the lender to underwrite the asset based on its potential for near-term rent growth. This collaboration allowed the sponsor to secure day-one proceeds aligned with the market conditions rather than relying on previous income levels.