Transaction News, Uncategorized December 18, 2019 Lodge Financial closes three loans in Chicago area 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 Freddie Mac’s SBL program with five-year, fixed-rate money amortized over 30 years on a non recourse basis. Read More
Transaction News, Uncategorized September 13, 2019 Lodge Financial closes $12.5 million in financing for Chicago deconversion Lodge Financial successfully secured long term financing on a 64-unit condo deconversion with 64 different sellers. The $12,500,000 purchase price was supported by a loan of $8,225,000 with 65 percent of stabilized value. The borrowers inherited the building at the time of closing with over 30 percent of the units being vacated by existing owners. Read More
Transaction News, Uncategorized August 29, 2019 Lodge Financial closes loan for Crystal Lake storage facility Lodge Financial recently closed on a $7,900,000 construction loan. The financing will go toward a 934-unit self-storage facility in Crystal Lake, Illinois. Read More
Transaction News, Uncategorized July 23, 2019 Lodge Financial arranges funding for two-property industrial portfolio Skokie, Illinois-based Lodge Financial has arranged financing for a multi-property industrial portfolio. The $4,100,000, cash-out refinance deal had a 75 percent LTV, seven-year term and 25-year amortization. The partial recourse financing had a 4.34 percent fixed rate. Read More
Transaction News, Uncategorized June 5, 2019 Lodge Financial arranges over $2.5M in financing for two Chicago properties Lodge Financial recently closed $2,560,000 in loans for two Chicago properties. The buildings are both multifamily properties, one in the North Side neighborhood of West Ridge and the other on the South Side in Bronzeville. Read More
Transaction News, Uncategorized May 6, 2019 Lodge Financial secures acquisition financing for Chicago multifamily property Lodge Financial’s Matthew Bowker recently closed a $975,000 loan for the acquisition of a 12-unit multifamily property located in the West Rogers Park neighborhood of Chicago. The five-year, 5.25 percent fixed loan had a 30-year amortization. Read More
Transaction News, Uncategorized April 10, 2019 Lodge Financial arranges $7.8M in acquisition, construction financing for Chicago office property Lodge Financial’s Matthew Bowker recently closed a $7,850,000 loan for a repeat client to acquire and rehab a Chicago office property with 100,000 rentable square feet. The 24-month term loan was for a four-story property located in the city’s Pilsen neighborhood. Read More
Transaction News, Uncategorized November 5, 2018 Lodge Financial arranges $5.6M in financing for two separate Chicago MSA properties Lodge Financial arranged financing for two separate transactions in the Chicago area. A $3,750,000 loan will go toward the refinancing of a 33,500-square-foot land parcel in Chicago’s West Loop neighborhood, while in Waukegan, Illinois, Lodge Financial raised $1,892,000 on behalf of a client to acquire a four-building multifamily portfolio. Read More
Transaction News, Uncategorized October 17, 2018 Lodge Financial arranges $12M for River North office property Skokie, Illinois-based Lodge Financial has arranged $12,000,000 to refinance a 48,000-square-foot office property located at 435 N. LaSalle Street in Chicago. The loan comes with a five-year term at 75 percent loan-to-value. Read More