Chicago & Midwest + North Side + Finance | September 12, 2018

Hunt Provides Refi on Low-Rise Multifamily in Ravenswood

Hunt Real Estate Capital has provided a $6.2-million first mortgage bridge loan to The Greenwald Company on its low-rise apartment building at 5009 N. Ashland Ave. The new facility refinances the existing loan on the 31-unit North Side property, with about $1 million allocated to future capital improvements.

Greenwald acquired the property this past April in a deal brokered by Essex Realty Group. “The Greenwald Company is a seasoned local investor that has managed the repositioning of nine investment properties in the Chicago area since 2014,” said Hunt managing director Harris Heller. “We were pleased to provide the financing to secure this property for a quality sponsor in a city with strong demand for multifamily housing.”

The low-rise’s unit mix consists of one and two-bedroom apartments, with most units featuring separate dining areas. Although technically located in Ravenswood, the property is a short walk from Andersonville’s Clark Street shopping district.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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