Matthew Bowker Of Lodge Financial Provides $3,157,000 Refinance Loan For Multifamily Portfolio In Chicago

The asset involved in this transaction is a multifamily property comprising four buildings with a total of 38 units. Located at 44-46 North Mason Avenue, 112 North Mason Avenue, 150 North Mayfield Avenue, and 60 North Mason Avenue in the Chicago market, the portfolio has an estimated market value of approximately $4.51 million.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $3,157,000
• Lender: Matthew Bowker - Lodge Financial
• Landlord: Jaynish Patel & Tedi Nati
• Loan Type: Refinance
• Loan Terms: 5 years term, 6.16% interest rate, 70% loan to value, 30 years amortization

This transaction involved pivotal figures, including Matthew Bowker, who represented Lodge Financial in providing the refinancing solution. The financing facilitated Jaynish Patel and Tedi Nati’s refinancing needs following the extensive renovation and rent growth experienced in less than 24 months of ownership. Lodge Financial's structuring of the loan allowed for 70% cash out refinance against the new market value, with no prepayment penalties, ensuring continued flexibility for the borrowers.