$4,118,517 / Mixed-Use Multifamily/Retail Chicago, IL
Loan Request by Jason Thompson
735 W. Garfield Blvd. , Chicago Illinois 60621
Requested Loan Amount
Collateral and Loan Details
Commercial Property Type
Unit Mix Multifamily
Unit Mix Retail
Number of Units
Acquisition and Value-Add
Renovation Cost Estimate
I am raising bridge financing for my client who has a residential/retail mixed-use property under contract in Chicago, Illinois, for $950,000. The property consists of 68-units that contains six storefront units, or approximately 4,000 square feet of retail space. The remaining building comprises of residential apartment units with a unit mix of studios and one-bedroom units. The property is 100% vacant and needs approximately $2.7MM in rehab/construction financing, before lease-up ($4.2MM total loan amount will include interest reserves). However, once rehabbed, the area has enjoyed stable occupancy rates ranging between 2% to 7.8%. Once sustained, the property should enjoy cap rates below 8.00% and an estimated stabilized value of $5.3MM. The sponsor seeks a 24-month bridge loan that he will refinance upon the stabilization of the property into a long-term permanent loan.
Future Loan to Value
Will additional properties be collateralized?
Borrower Credit Rating
Exit Strategy Details
Refinance into a permanent loan
I do not know the address of the property that the sponsor will cross-collateralize. The property is a mixed-use property in Brooklyn, New York, and has approximately $1,000,000 in equity available for the subject property.
Additionally, the sponsor has an excellent credit score above 800, with no blemishes to his payment history.