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CHICAGO-Interest rates have remained below 6% for a few multifamily owners who have recently bought or refinanced buildings in the city and suburbs. The loans, from Independence Community Bank, were arranged by the Chicago office of Meridian Capital Group.
Lincolnwood-based owners of a 44-unit building at 4844 W. Wrightwood Ave. on Chicago's Northwest Side refinanced his property for nearly $2.2 million, getting a 5.75% interest rate over the five-year term. The borrowers paid $2.8 million for the three-story building in 2003, according to property records.
On the North Side, an unrelated borrower got the same 5.75% rate for a five-year loan on a 37-unit building at 905 W. Carmen Ave. The borrower, who has owned the building since 1991 and recently rehabbed it, got a $1.8-million mortgage.
In the northwest suburbs, two buildings totaling 14 units at 814-40 Elm St. sold for $975,000 to Woodstock-based Hometown, Ltd., according to property records. Independence Community Bank financed the purchase with a 10-year, $638,000 loan at 5.99%.
Gershon Friedman arranged the Algonquin loan while the Chicago deals were put together by Joseph Schwimmer.
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