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CHICAGO-Kenmore Realty Group, based here, has received $13.9 million to refinance loans for Somerset I and Somerset II, at 4127 W. 127th St. in Alsip, and 3048 W. 119th St. in Merrionette Park, respectively. The owner is expected to save $188,000 each year due to the reduced interest rate.

The refinancing was negotiated by Stephen Swiecicki with the Chicago office of Meridian Capital Group, which is based in New York City. The loan has a term of 10 years and an interest rate of 188 basis points more than the 10-year US Treasury, which was 6.15% at the time of close, Swiecicki says.

The apartment complexes have a total of 312 units and are about 95% occupied. The one and two-bedroom apartment units range in size from 650 sf to 750 sf with rental rates from $750 to $922 per month, according to Kenmore Realty Group's website. The company's previous loan for the properties had an interest rate of 7.5%, Swiecicki says.