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Multifamily Borrowers Stay Below 6%

CHICAGO-Independence Community Bank lends more than $4.6 million to refinance and buy 95 units in the city and suburbs. Rates range from 5.75% to 5.99%.

By Mark Ruda | Updated on May 18, 2006

(To read more on the debt and equity markets, click here.)

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.

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