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816 N Leavitt St, Chicago, ...

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

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

816 N Leavitt St, Chicago, IL, 60622

$1,480,000

Units

6

Asset Type

MultiFamily

Closing

Nov 20, 2023

AI

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:

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.

Players

Matthew Bowker

Lodge Financial

Broker

$23.7M

vol

5 deals

Broker
Lodge Financial
Lodge FinancialLender

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

10.72%

Cash-on-Cash

-3.06%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93