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South Beach Lofts Refinanced at Prime Plus 0.75%

FORT SHERIDAN, IL-The Morgan Group's 12-unit loft building on the former US Army base was 60% pre-sold when construction financing was obtained. The new two-year, interest-only loan arranged by Aries Capital replaces that debt.

By Mark Ruda | Updated on August 28, 2002

FORT SHERIDAN, IL-A 12-unit multifamily loft building on this former US Army base on suburban Chicago’s North Shore has been refinanced with a two-year, interest-only loan at prime plus 0.75 points. The $2.6-million loan is at 80% loan-to-value, setting an average of $271,000 on the units, which average 2,100 sf.

Developed by John Mullen of the Morgan Group, South Beach Lofts was 60% pre-sold before the construction loan was obtained, says Aries Capital president Neil D. Freeman, whose company arranged the financing for the new mortgage.

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