Updated Mar 11, 2025
Noah Properties & MPM Holdings Secure $9.8M Construction Loan For Chicago Multifamily Property
6336 West Belmont Avenue, Chicago, IL, USA
$9,763,500
$1,301/SF
Building Size
7,500 SF
Asset Type
MultiFamily
Closing
Apr 18, 2021
About this deal
AI
The property at 6336-6360 West Belmont in Chicago, IL is a multifamily asset located on a .75 acre lot. It includes 48 apartment units and 10,400 square feet of ground-floor retail space. The construction of this property is currently underway and is expected to be completed by late 2021.
Summary of Transation Details
- Property Type: Multifamily
- Transaction Amount: $9,763,500
- Market: Chicago
The lender for this construction project is Parkview Financial, a leading private real estate lender specializing in ground-up construction financing. Paul Rahimian, representing Parkview Financial, is involved in this transaction. The landlords of the property are Noah Properties and MPM Holdings.
Parkview Financial can be contacted at (310) 996-8999 or through their website www.parkviewfinancial.com.
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
1.62%
Cash-on-Cash
-0.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93