Fbre Capital client has successfully refinanced a 300-unit multifamily property in Chicago for a loan amount of $26,000,000. The property was 70% occupied at the time of refinancing. The loan terms include an approximate interest rate of 4.00%, with 5 years of interest-only payments. The loan has high leverage and is non-recourse. Additionally, the borrower has gained access to a multi-million dollar capex facility, with only certified invoices required for funding. The capex facility does not require any upfront cash.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $26,000,000
• Loan Terms: ~4.00% Interest Rate, 5-years Interest Only, High Leverage, Non-Recourse, 18 month minimum interest period, multi-million CapEx facility

Solomon Birnbaum & Thomas Fuchsman from FBRE Capital facilitated the refinancing transaction. FBRE Capital is a boutique commercial real estate advisory firm that provides services to both domestic and foreign investors and developers. For any inquiries related to financing or general advisory services, please reach out to Solomon at FbreCapital.com.