Essex Capital Markets, LLC, announced the refinancing of a two-property, 90-unit multifamily portfolio located in Chicago’s Lincoln Park neighborhood on behalf of a longtime ownership group that owns and operates under the name Beal.
Through a competitive financing process, Essex Capital Markets arranged a $20.8 million loan with a national banking partner. The financing features a 5.35% interest rate, a 75% loan-to-value, and one year of interest-only payments. In addition to securing favorable terms, the execution provided the sponsor with meaningful cash-out proceeds.
The portfolio consists of 2200–20 N. Clark Street, a 35-unit mixed-use asset, and 540–48 W. Surf Street, a 55-unit multifamily property. The transaction was facilitated by Directors Asher Motew and Quinn Keenan. The portfolio benefits from Lincoln Park’s durable renter demand, proximity to DePaul University, and walkable retail corridors along Clark Street and the lakefront.
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