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Cornerstone Capital Of NY Secures $1.2M Refinance Loan For 14-Unit Multifamily In Humboldt Park, Chicago

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FINANCED
$1,207,500
Alexander (Alex Nem) Nemirovskiy
Russell Nova

Illinois

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MultiFamily8,276 SF
Financed 01/27/2022
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FINANCED

Cornerstone Capital Of NY Secures $1.2M Refinance Loan For 14-Unit Multifamily In Humboldt Park, Chicago

3752 West Huron Street, Chicago, Illinois 60624, United States

See Similar Deals
MultiFamily8,276 SF
Financed 01/27/2022
Alexander (Alex Nem) Nemirovskiy
Russell Nova
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Price Per Square Foot:$145
Total Square Footage:8,276 SF
Transaction Type:Loan

The property involved in this transaction is a multifamily asset located at 3752 West Huron Street in Humboldt Park, Chicago. The property spans approximately 8,276 square feet and consists of 14 units.

Summary of transaction details

Waterman Capital provided a refinancing loan of $1,207,500 for the property. The loan terms include a 5-year fixed term, a 30-year amortization period, and an interest rate of 4.1%.

Cornerstone Capital of NY, represented by Russell Nova and Alexander Nemirovskiy, secured the financing for this multifamily property. The borrower sought long-term growth and engaged the services of Cornerstone Capital to ensure the continuation of planned interior capital expenditures.

Note from Cornerstone Capital of NY: We believe in our operators and commit ourselves to their long-term growth. We have been very active in the multifamily market, working with experienced owner operators and syndicators to finance both purchases and refinances of multifamily and commercial properties. For more information, please contact Russell Nova at The Cornerstone Group of NY at 917-559-1820 (cell) or [email protected]. You can also visit their website at www.csg-ny.com. Alexander Nemirovskiy, the Senior Credit Manager, can be reached at 347-751-5232 (cell) or [email protected].

Players

Russell Nova
Cornerstone Capital Financing
Russell Nova
76 deals$491.1M volume
BROKER
Alexander (Alex Nem) Nemirovskiy
Cornerstone Capital Financing
Alexander Nemirovskiy
39 deals$178.1M volume
BROKER
Waterman Capital
Waterman Capital
LENDER

Details

FINANCED
IMAGE: Russell Nova & Alexander Nemirovskiy DATE: 01/27/2022 ADDRESS: 3752 West Huron Street MARKET: Humboldt Park, Chicago ASSET TYPE: Multifamily ~ SF: 8,276 LENDER: Waterman Capital LANDLORD: Laksh Vish BROKERS: Russell Nova (@RussellNova) & Alexander Nemirovskiy (@Alex_Nemy) - Cornerstone Capital of NY (@CornerstoneCapitalofNY) LOAN AMOUNT: $1,207,500 LOAN TYPE: Refinance LOAN TERMS: 5 Year Fixed / 30 Year Amortization / 4.1% NOTE FROM @CornerstoneCapitalofNY: We secured Financing on this 14 UNIT Multifamily property, as the Borrowers Bridge Loan was coming due. While the sponsor was working on his business plan, they wanted to position themselves for long term growth. Sponsorship engaged in @RussellNova & @Alex_Nemy from @CornerstoneCapitalofNY to secure the Financing and ensure that the Interior CapEX continues as planned @CornerstoneCapitalofNY is a Debt Advisory Firm with capabilities, specializing in Multifamily and Commercial Financing across the states with offices in NY and Fl. Cornerstone Capital has been very aggressive in the MultiFamily Market with over 85+ Relationship Commercial Banks, while working with many Experienced Owner Operators and Syndicators for a PURCHASE or REFINANCE of Multifamily and Commercial Property. From Russell Nova, Principal: No-matter how Large or Small the Loan Request may be, We believe in our Operators and commit ourselves to their long term growth Contact US and Yourself at the Russell Nova, Principal The Cornerstone Group of NY 917-559-1820 - Cell [email protected] www.CSG-NY.com @RussellNova Alexander Nemivorskiy, Senior Credit Manager The Cornerstone Group of NY 347-751-5232 - Cell [email protected] www.CSG-NY.com

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$1,207,500.00

Monthly NOI$8,050.00
Monthly Debt Service$7,632.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00