Concord Capital Secures $2,875,000 Refinance Loan For 24-Unit Multifamily Property In Lake Bluff

501 Basil Road is a 24-unit multifamily property located in Lake Bluff, Illinois. The property underwent full renovation with upgraded kitchens and baths, new common area finishes, and exterior improvements.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $2,875,000
• Lender: Matthew Cohen & Phillip Spevok - Chase
• Borrower: Drew Millard, Stacy Mondrus & Kevin Schnell - Concord Capital
• Capital Markets Advisors: Asher Motew, Quinn Keenan & Josh Letellier - Essex Capital Markets
• Loan Type: Refinance
• Loan Terms: Non-Recourse | Full Term IO | Flex Prepay
• Address: 501 Basil Road
• Market: Lake Bluff
• Units: 24

The financing was arranged by Essex Capital Markets, which secured a 6.18% fixed rate with full-term interest only. The team facilitated the transaction through third-party diligence to ensure a smooth closing, thereby assisting in returning all investor equity to the partners of Concord Capital.