Updated Oct 29, 2024
LEM Equities Refinances Multifamily & Mixed-Use Properties In Chicago For $3.0M
2048 N Damen Ave Chicago, Il 60647, Usa
$3,000,500
Units
12
Asset Type
MultiFamily
Closing
May 5, 2023
About this deal
AI
The recently closed transaction involves the refinancing of two properties located at 2048 N Damen and 2054 N Campbell in Chicago, IL. The properties include a multifamily building and a mixed-use property, amounting to a total of 12 units. The deal was facilitated by Scott Modelski of Black Bear Capital Partners, acting as the broker representing LEM Equities, the landlord.
Summary of transaction details:
- Property Type: Multifamily & Mixed-Use
- Transaction Amount: $3,000,500
The refinancing process was carried out in two parts. One property was refinanced through a 10-year fixed rate loan at 5.52% interest, with the initial four years consisting of interest-only payments. The second property underwent a 5-year fixed rate loan at 5.38% interest, with two years of interest-only payments.
On the Map
$3,000,500
MultiFamily
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Chicago MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.29%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93