Essex Capital Markets, LLC has arranged the refinancing of a two-property multifamily portfolio in Chicago’s Lincoln Park neighborhood on behalf of a longtime ownership group operating under the name Beal.
The portfolio totals 90 residential units across two properties, both located in the Lincoln Park area, a dense and established North Side neighborhood known for its mix of rental housing, retail and institutional uses. The ownership group has held and operated the assets over an extended period, and engaged Essex Capital Markets to run a competitive financing process.
Through that process, Essex Capital Markets secured a $20.8 million loan with a national banking partner. The refinancing replaces existing debt on the properties and is structured to support the sponsor’s ongoing ownership and operation of the assets. Specific loan terms, including interest rate, amortization, loan-to-value ratio and maturity, were not disclosed.
The transaction underscores the continued availability of bank capital for stabilized, well-located multifamily assets in infill Chicago neighborhoods, even as borrowers and lenders navigate a more selective credit environment. By leveraging a competitive process, Essex Capital Markets was able to align the Beal ownership group with a national lender willing to underwrite the portfolio’s performance and location fundamentals.
While additional details on property-level characteristics, such as unit mix, amenities, occupancy and year of construction, were not provided, the refinancing highlights ongoing lender interest in established multifamily portfolios operated by experienced local sponsors. The deal also reflects the role of intermediary firms in sourcing and structuring debt capital for middle-market multifamily owners seeking to recapitalize existing holdings rather than transact on a sale.
Essex Capital Markets, LLC is a commercial real estate capital markets intermediary focused on arranging debt and related financing solutions for property owners and investors.
