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$14M Refinance Secured for Newly Delivered Wicker Park Multifamily
Arrow Real Estate Advisors recently arranged a $14.2 million refinance for The Ash, a newly delivered 40-unit multifamily property in Chicago’s Wicker Park neighborhood.
The financing was secured as the property continued its lease-up, with occupancy already exceeding 70%, reflecting strong demand for newly delivered multifamily product in one of Chicago’s most competitive rental markets. The property also benefits from a 30-year tax abatement through the City’s Affordable Requirements Ordinance program, supporting long-term cash flow and stabilization. Arrow arranged the financing with Associated Bank, securing attractive pricing and a future rate step-down feature upon stabilization.
The financing was arranged by Morris Betesh, Founder and Managing Partner, Omar Ferreira, Senior Vice President, and Jacob Petrovic, Associate, on behalf of Noah Properties. Located on the cusp of Chicago’s Bucktown and Wicker Park neighborhoods, the property offers luxury one- and two-bedroom units.
