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Lument Provides $111M to Refi Chicago MF Portfolio
Lument has provided $110.8 million in Fannie Mae DUS loans to refinance a six-property multifamily portfolio located in Chicago.
The transaction refinances existing bank debt for the sponsor BJB Properties, a Chicago-based owner-operator focused on long-term holds that currently owns and manages over 70 communities. Lument’s Evan Hom, a senior managing director based in New York, led the transaction.
The six Fannie Mae loans refinanced the following properties:
- 244 E Pearson, a 223-unit community in the Near North Side.
- 1036 N Dearborn, a 135-unit community in the Near North Side.
- 320 N Michigan, a 119-unit community in the Loop.
- 1246 W Pratt, a 123-unit community in Rogers Park.
- 11 W Division, a 110-unit community in the Near North Side, and
- 1939 N Lincoln, a 59-unit community located in Lincoln Park.
All loans carry fixed interest rates, 10-year terms, and 35-year amortization schedules. Five loans are full-term interest only and one features five years of interest only. The structures also maintain 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 Hom.
