Finance N Illinois

Wool Finance Partners arranges more than $3M in financing for two properties

Wool Finance Partners arranges more than $3M in financing for two properties,ph1

Martin Siegel and Gary Wool of Wool Finance Partners have arranged $3.16 million in financing for the acquisition of a 12-unit multifamily apartment building in the Avondale neighborhood of Chicago and the cash-out refinance of an 18-unit multifamily apartment building in Lyons, Illinois.

The Avondale property was acquired in the first quarter 2018 using $2.28 million in funding. The lender provided a 7-year fixed-rate term, 30-year amortization non-recourse financing at 4.37 percent through the Freddie Mac SBL program. For the Lyons transaction, the lender provided an $880,000 7-year fixed-rate term, 30-year amortization non-recourse mortgage through Fannie Mae at 4.86 percent for an 80 percent loan-to-value cash-out refinance in 2nd Quarter 2018.

In addition to conventional first mortgage financing, Wool Finance Partners’ principals also structure forward-funding loans, participating mortgages, joint ventures, construction loans, tax-exempt bond financing, stand-by commitments, acquisition and development loans, mezzanine financing, pre-sales and asset sales.