Essex Realty Group, Inc., a multifamily brokerage firm based in Chicago, along with Essex Capital Markets, has successfully closed the sale of 2934 North Milwaukee Avenue. This mixed-use property is located in the Avondale neighborhood of Chicago.
During the marketing phase, brokers Jordan Gottlieb and Matt Feo generated significant interest in the property resulting in over 20 tours with potential buyers and multiple offers. The property consists of 13 apartment units and 5 commercial units anchored by a newly signed lease with JPMorgan Chase for a term of 15 years.
The buyer was able to secure financing for this transaction through Essex Capital Markets’ team members Darragh Griffin and Quinn Keenan. They were able to secure a $4.2 million loan from a regional lender for seven years at an attractive fixed interest rate swap of 6.14%.
President at Essex Capital Markets LLC, Darragh Griffin stated that obtaining financing for mixed-use properties can be challenging but their extensive network allowed them to find favorable options for their client.
This successful deal showcases how Essex Realty Group’s expertise combined with its strong relationships within the industry can lead to successful transactions even during challenging market conditions.
