(Read more on the debt and equity markets.)
CHICAGO-A local developer has secured more than $16.3 million in three loans for a trio of fully leased multifamily complexes in the city. Each loan has a 10-year term.
Charlotte, NC-based Wachovia Capital Markets LLC funded a $3.1-million loan for 4717 Winthrop St., $8.6 million for 6161-65 Winthrop St. and $4.6 million for 5724 Blackstone St., says Adam Levinson, a director for locally based Cohen Financial. The loan arranger says he can't disclose the property owner except to say it is a locally based developer who owns about 1,000 apartment units in Chicago communities like Hyde Park, Ravenswood and Edgewater.
The interest-only financings cleared at an 80% loan-to-value. The interest rates were "sub-6%," Levinson says. The new loans have a slightly higher interest rate than the original financings, but the difference is the previous ones were amortized as opposed to interest only, he explains.
Levinson says the three complexes, all 100% leased, have more than 200 units. The complexes have studio and one-bedroom units, with units ranging from 550 sf to 700 sf.
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