Q Investment Partners, Melrose Ascension Capital, And Nick Melrose Secure $63.7M Construction Loan For Chicago Multifamily Property
FINANCED
$63,705,000
Illinois
See Similar DealsMultiFamily175,000 SF
Financed 02/09/2024
FINANCED
Q Investment Partners, Melrose Ascension Capital, And Nick Melrose Secure $63.7M Construction Loan For Chicago Multifamily Property
633 South Lasalle Street
See Similar DealsMultiFamily175,000 SF
Financed 02/09/2024
Summary
ILLINOIS
Asset Type:MultiFamily
Price Per Square Foot:$364
Total Square Footage:175,000 SF
Transaction Type:Loan
The property involved in the transaction is a multifamily building located at 633 South Lasalle Street in Chicago, IL. The property has a total square footage of 175,000. The transaction took place on 02/09/2024.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $63,705,000
- Lender: Glacier Global Partners, BH3 Management & Petros Finance
- Landlord: Peter Young & James Coppack - Q Investment Partners; Nick Melrose - Melrose Ascension Capital
- Loan Type: Construction Loan
The transaction involved multiple lenders, namely Glacier Global Partners, BH3 Management, and Petros Finance. The loan amount for the transaction was $63,705,000, and it was a construction loan. The landlords involved in the deal were Peter Young and James Coppack of Q Investment Partners, as well as Nick Melrose of Melrose Ascension Capital.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$63,705,000.00
Monthly NOI$424,700.00
Monthly Debt Service$402,658.93
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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