### Lument Provides $110.8M to Refinance Chicago Multifamily Portfolio
Lument has provided $110.8 million in Fannie Mae DUS loans to refinance a six-property multifamily portfolio in Chicago.
The transaction refinances existing bank debt for the sponsor, BJB Properties, a Chicago-based owner-operator focused on long-term holds. BJB Properties currently owns and manages over 70 communities. Lument’s Evan Hom, a senior managing director based in New York, led the transaction.
The six refinanced properties include:
– **244 E Pearson** – 223 units in the Near North Side
– **1036 N Dearborn** – 135 units in the Near North Side
– **320 N Michigan** – 119 units in the Loop
– **1246 W Pratt** – 123 units in Rogers Park
– **11 W Division** – 110 units in the Near North Side
– **1939 N Lincoln** – 59 units in Lincoln Park
All loans have fixed interest rates, 10-year terms, and 35-year amortization schedules. Five of the loans are full-term interest only, while one features five years of interest only. Additionally, the loan structures allow flexibility for future supplemental financing from Fannie Mae.
“Fannie Mae’s support and flexibility led to a timely and efficient closing with favorable long-term financing, ensuring the portfolio has a strong fiscal position for the next decade,” said Lument’s Evan Hom.
About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax (www.griffintax.com) and REVVED Up Accounting (www.revvedupaccounting.com). In addition, Steve founded Madison Avenue Technology (www.madisonave.tech). With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.
