North Park Ventures Secures $6.2M Refinance Loan From Lument For Chicago Multifamily Asset
913 West School Street
$6,200,000
$347/SF
Building Size
17,833 SF
Asset Type
MultiFamily
Closing
Feb 12, 2025
AI
913 West School Street is a MultiFamily property located in the Chicago market. The property has recently undergone a refinancing transaction with a loan amount of $6,200,000.00, which is set for a term of 60 months.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $6,200,000.00
- Loan Type: refinance
- Loan Terms: 60 Months
- Lender: Lument
- Lender's Representative: Managing Partner at Alpha Capital
- Landlord: North Park Ventures, Robert Sekula
The refinancing transaction involves key participants including Lument as the lender and Alpha Capital's Managing Partner as the lender's representative. Robert Sekula represents North Park Ventures, the landlord of the property. These individuals and their roles are integral to the completion of this financial arrangement.
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
2.56%
Cash-on-Cash
-0.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93