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222 South Morgan Street

Updated Aug 12, 2026

Essex Capital Markets Arranges $2,950,000 Loan For Acquisition Of 222 South Morgan Street Office
FINANCEDOffice

Essex Capital Markets Arranges $2,950,000 Loan For Acquisition Of 222 South Morgan Street Office

222 South Morgan Street

$2,950,000

Building Size

—

Asset Type

Office

Closing

Jun 30, 2026

About this deal

AI

222 South Morgan Street is a five-story, 39,339 square foot timber-loft office building located in the Chicago market. The property is currently a partially occupied multi-tenant office building that is set to be converted into 47 residential units.

Summary of transaction details:

Essex Capital Markets arranged $2,950,000 in acquisition and pre-development financing for the property. The financing structured was a floating-rate, interest-only facility with a limited several-recourse guaranty, closing with a relationship-driven regional bank positioned to underwrite the property's future use as residential rather than its current office occupancy.

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$2,950,000

Office

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Players

Quinn Keenan

Essex Capital Markets

Broker

$257.8M

vol

37 deals

Broker
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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.38%

Cash-on-Cash

-1.54%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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