Bellwether Enterprise Arranges $38.92M Refinance For Multifamily Community In Chicago's Bronzeville

The transaction involves a 240-unit gated multifamily community located at 3423 South Cottage Grove Avenue in Chicago, IL. The asset consists of 194 units and is part of a development known as Woodland Park by the Lake. The property has been undergoing upgrades, enhancing both amenities and interiors, and is strategically placed adjacent to a lakefront area.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $38,920,000
• Loan Type: Refinance
• Loan Terms: Five-year
• Units: 194
• Market: Chicago, IL
• Brokers: Ryan Morris & Max Miller - Bellwether Enterprise (BWE)

The refinancing was arranged by Bellwether Enterprise, with representatives Ryan Morris and Max Miller facilitating the transaction. The local joint venture investor group that owns the property has been actively involved in a long-term value-add strategy since acquiring the asset in 2019.