Essex Capital Markets Secures $2.82M Loan For Off-Market Acquisition Of Multifamily Portfolio In Crown Point

The asset involved is a 32-unit multifamily portfolio located at 2601-2633 Morningside Drive in the Crown Point market. The acquisition loan secured for this property amounts to $2,820,000, aimed at facilitating the transaction of this off-market property that had long-term ownership. The transaction features a 183-basis point spread, 2 years of interest-only payments, and a 3-2-1-1-0 prepayment structure, including a provision for a prepayment waiver in the event of a sale.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,820,000
• Address: 2601-2633 Morningside Drive
• Market: Crown Point
• Loan Type: Acquisition
• Capital Markets Advisors: Asher Motew & Quinn Keenan - Essex Capital Markets

This transaction was characterized as a true sponsor-driven execution, as the seller provided no formal financials for the property. Asher Motew and Quinn Keenan facilitated the alignment with a capital partner through a targeted lender process, successfully negotiating a competitive structure that offers the borrower the necessary time and flexibility to enhance rent potential while upholding a conservative credit profile for the lender.