Updated Dec 4, 2024
Darragh Griffin & Quinn Keenan Of Essex Capital Markets Secures $9.5 Million Refinance Loan In Chicago
420 West Melrose Street & 620 West Surf Street
$9,516,000
$475,800/SF
Building Size
10 SF
Asset Type
MultiFamily
Closing
Jul 16, 2024
About this deal
AI
The property involved in this transaction is a multifamily asset located at 420 West Melrose Street and 620 West Surf Street in the Chicago market, consisting of 116 units. The loan amount secured for the refinancing of this property is $9,516,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $9,516,000
- Loan Type: Refinance
- Loan Terms: Term: 10 Year Full-Term Interest Only, Type: Agency, Spread: 1.25%
The deal was facilitated by Darragh Griffin and Quinn Keenan, representatives from Essex Capital Markets, who acted on behalf of the lender in the transaction.
Players
Chicago MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.67%
Cash-on-Cash
-0.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93