Chicago Multifamily Portfolio

Location: Chicago, IL
Type: Multifamily
Price: $ 4,325,000

The Chicago Multifamily Portfolio is collateralized by 5 non-contiguous apartment buildings with a total of 152 residential units in Chicago, Illinois (the Subject or the Properties or the Portfolio)). Predominantly built circa 1925, the 5 buildings are 4-story walk-up buildings and are located in the densely populated residential community within the West Side area of Chicago, approximately 5 miles west of the Chicago CBD. When the Borrower acquired the 5 properties the portfolio had an average occupancy of 50%. Since that time the Borrower invested significant capital improvements to stabilize the subject portfolio to the loan closing average occupancy of 87.5%. AMC’s $4,325,000 first mortgage loan refinanced existing debt and there was approximately $1.171 million of equity remaining (LTC=78.7%) in the transaction.