Multifamily N Illinois

Lodge Financial arranges $2M in financing for Chicago mixed-use property

Lodge Financial recently closed a $1,950,000 loan for the acquisition of a six-unit, mixed-use property located at the corner of Dickens Avenue and Damen Avenue in the Bucktown neighborhood of Chicago. Lodge partner Matthew Lebenson arranged the financing.

The client was looking for a short-term, floating-rate loan option that would not require a pre-payment penalty since the objective, post purchase, is to slightly bump and season rents, complete minor capital expenditure items and then refinance into a long-term, fixed-rate mortgage.