CHICAGO—Borrower Andrew Niewiarowski, president of Lincoln Park Builders, has gained a $2.6 million loan to acquire the 43-unit Racine Apartments here in the Uptown neighborhood.
The property, located at 4712 N. Racine Ave., features fully leased residential units and two vacant retail units. Eric Jones with Aries Capital LLC arranged the financing.
“The property currently has good cash flow and promises significant upside in rent increases after capital improvement. There’s also increasing interest in the vacant commercial space,” says Jones in a statement. “Due to the strength of the borrower and the quality of the asset, Aries was able to secure a Fannie Mae loan for the borrower to acquire the property in time to meet the deadline preferred by both the borrower and the seller. The 10-year, $2.56 million loan features a 30 year amortization and interest rate of 4.13 percent.”
Jones also recently closed a $2.3 million Fannie Mae loan for a nine-unit multifamily building in the River West neighborhood here. The building had just two months of operating history at the time of closing.