Walker & Dunlop Arranges $29.5M Refi of Uptown Apartments
Walker & Dunlop has arranged the $29.5 million refinancing of Marine Terrace Apartments, a former condo building that consists of 190 multifamily units in Chicago’s Uptown neighborhood. Walker & Dunlop’s Milwaukee Capital Markets team, led by Dean Huber and Brien Martin, arranged the deal on behalf of client Rany Management and lender Prime Finance.
Around $2 million of the financing will be used for upgrades to the property including a rooftop deck and a ground-floor fitness room. Located at 4180 N Marine Drive, the property is located in Beuna Park between Wrigleyville and Lake Michigan.
This transaction marks the completion of a condo deconversion for Rany Management at the property, and despite its complexity, the deal closed within 40 days of the loan application. Marine Terrace Apartments is situated steps away from the 18.5-mile-long lakefront trail, beaches and parks. The complex is near retail options, including Jewel-Osco, Aldi and Target, all within walking distance.
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Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.