Matthew Lebenson Of Lodge Financial Secures $1.48M Loan For MultiFamily In Chicago

The commercial mortgage loan of $1,475,000 was recently closed by Lodge Financial's Matthew Lebenson, secured by a newly rehabbed, 6-unit multifamily property at 816 N. Leavitt St in Chicago's Ukrainian Village. The property features 2-bedroom, 1-bathroom units with high-end kitchens and bathrooms, original woodwork, central air conditioning, in-unit laundry, and private balconies for two units.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $1,475,000
• Address: 816 N Leavitt St, Chicago, IL, 60622
• Market: Chicago
• Borrower's Rep: Matthew Lebenson (Lodge Financial)
• Lender: Unknown Correspondent life insurance company

The 24-month loan arranged by Matthew Lebenson recaptured a significant amount of initial equity at a competitive rate, with no pre-payment penalty structured into the loan, providing flexibility to sell the asset at any time during the term without additional cost. The sponsor's plan is to hold onto the property to collect cash flow for another year or two before disposition.