Updated Oct 16, 2026
FINANCEDMultiFamily
Essex Capital Markets Arranges $1.7M Refinance For Multifamily Property In Chicago's Wicker Park
2053 West Evergreen Avenue
$1,700,000
Units
3
Asset Type
MultiFamily
Closing
Sep 9, 2026
About this deal
AI
2053 West Evergreen Avenue is a three-unit, condo-quality multifamily property located in Chicago's Wicker Park neighborhood. The asset occupies an oversized 25 x 150 lot and has undergone a full gut rehabilitation, featuring new mechanicals, heated floors, and custom finishes designed for family-size layouts.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,700,000
- Units: 3
- Loan Type: Refinance
- Loan Terms: Max Cash-Out | 6.125% Rate | 1.15x Min DSCR
- Borrower: Alex Morsch
- Capital Markets Advisors: Asher Motew, Quinn Keenan & Josh Letellier - Essex Capital Markets
Essex Capital Markets arranged the $1,700,000 permanent refinance financing, enabling the borrower to pay off the construction loan and recover a majority of their equity for future projects. The loan was placed with a local bank, reflecting the project's upgraded quality and the strategic support from the advisory team.
On the Map
$1,700,000
MultiFamily
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Players
Chicago MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
9.33%
Cash-on-Cash
-2.67%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93