Finance N Illinois

Lodge Financial closes three loans in Chicago area

Lodge Financial closes three loans in Chicago area,ph1
4400 S. Calumet Avenue, Chicago.

Lodge Financial facilitated three recent loan closings around Chicagoland. The subject properties include multifamily assets at 4400 S. Calumet Avenue and 6211 N. Kenmore Avenue in Chicago, as well as a retail property in Matteson, Illinois.

The Calumet Avenue asset, located in the Bronzeville neighborhood, features 31 units comprising 22 two-bed/one-bath, three three-bed/one bath and six one-bed/one-bath layouts. The property is fully occupied at market rate rents and recent underwent a gut rehab. Located in the Edgewater neighborhood, the Kenmore Avenue property includes 28 units—16 one-bed/bath residences and 12 studios. It too was recently rehabbed and is fully occupied at market rate. Both loans were funded by Freddei Mac's SBL program with five-year, fixed-rate money amortized over 30 years on a nonrecourse basis.

Lastly, Lodge closed a $9,600,000 retail loan on behalf of an East Coast buyer for the acquisition of a leasehold interest. The 151,752-square-foot shopping center is located on Route 30, just east of 80th Avenue in Matteson. The acquisition, leasehold loan has a five-year term with a 10-year amoritization and 75 percent LTV.