Nihad Choudhury's LMF Commercial Refinances Loves Park Multifamily With $4.2M CMBS Loan

An multifamily property located in Loves Park, Illinois recently underwent a loan transaction. The property spans approximately 44,475 square feet and consists of 60 units. The loan amount for this transaction was $4,200,000, and the loan type was a refinance. The loan terms included a 5-year full interest-only period and were structured as a CMBS loan. One notable aspect of this transaction is that the prior sponsor had gone through bankruptcy. Additionally, the loan allowed for a full cash-out.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,200,000
• Market: Loves Park, Illinois
• Square Footage: 44,475
• Units: 60
• Lender: Nihad Choudhury - LMF Commercial
• Broker: James Bogard - American Street Capital
• Loan Type: Refinance
• Loan Terms: CMBS: 5-year full IO, Prior sponsor BK, Full cash out

Nihad Choudhury from LMF Commercial served as the lender for this transaction. James Bogard from American Street Capital represented the parties involved as the broker. This loan transaction allowed for the property owner to refinance their existing loan, with the terms providing a 5-year interest-only period. Notably, the prior sponsor of the property had filed for bankruptcy. The loan also allowed for a full cash-out, providing the property owner with access to their equity.