CRE N Illinois

Centerline finances neighboring apartment communities in Chicago

Centerline Capital Group recently financed two neighboring multi-family properties on North California Avenue on Chicago’s North Side. The total commitment equals about $6 million.

Centerline Capital Group recently financed two neighboring multi-family properties on North California Avenue on Chicago’s  North Side.  The total commitment equals about $6 million.

The properties are fully leased and located near the city of Chicago's thriving Bucktown-Logan Square neighborhoods.

The first property, located at 2024 N. California Ave., was built in 2010.  The $3.2 million facility provided by Centerline replaced the borrower’s acquisition and construction debt with a long-term, permanent, non-recourse loan.  This four-story rental property comprises 20 units and includes in-door, off-street parking.

The second property is an 18-unit, four-story building with in-door off-street parking on the ground floor, and is located at 2064 N. California Ave.  Built in 2008, the $2.65 million Centerline loan refinanced existing bank debt.

The deal was put into place by Peter Margolin, senio vice president of the mortgage banking group at Centerline.

“Both of the properties are well located, bordering on two highly performing city neighborhoods, and the units are condo-quality apartments that are highly desirable to tenants,” said Margolin. “In addition, the borrower is a well-known local private developer that has built a number of high performing properties in the local area. These factors made this an attractive deal for Centerline.”