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200-Unit-Plus Portfolio Earns $16M Refinance

CHICAGO-An unidentified local owner secures three loans, totaling $16.3 million, with three fully leased assets. Ten-year terms, interest-only payments and sub-6% rates are the terms.

By Gina Kenny | Updated on July 06, 2007

(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.

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