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Essex Capital Markets, LLC has arranged the refinancing of a two-property multifamily portfolio in Chicago’s Lincoln Park neighborhood on behalf of a longtime ownership group that owns and operates under the name Beal. The portfolio totals 90 residential units across two buildings and is located in one of Chicago’s most established rental neighborhoods.
The refinancing was completed through a competitive financing process that resulted in a $20.8 million loan provided by a national banking partner. According to Essex Capital Markets, the new loan carries a 5.35% interest rate and was sized to a 75% loan-to-value ratio. The structure includes one year of interest-only payments, supporting near-term cash flow for the sponsor. In addition to the rate and leverage, the loan proceeds generated meaningful cash-out for the ownership group.
The portfolio is composed of 2200–20 N. Clark Street, a 35-unit mixed-use property, and 540–48 W. Surf Street, a 55-unit multifamily building. While specific square footage was not disclosed, the portfolio’s composition reflects a combination of residential apartments and mixed-use space along well-trafficked neighborhood corridors. The properties remain under long-term ownership by the Beal group, which continues to own and operate the assets.
Essex Capital Markets’ Directors Asher Motew and Quinn Keenan facilitated the transaction. Their role included running a competitive process among lenders and securing the national bank as the financing source. The firm highlighted that the execution not only locked in a defined interest rate and leverage level, but also delivered additional liquidity to the sponsor through the cash-out component of the refinancing.
The assets are positioned to benefit from Lincoln Park’s durable renter demand, with the article pointing to proximity to DePaul University as a key demand driver. The neighborhood’s walkable retail corridors along Clark Street and access to the lakefront further support the portfolio’s appeal to renters. These characteristics bolster the income profile of both the mixed-use property on North Clark Street and the multifamily building on West Surf Street.
While details such as loan term, amortization structure beyond the initial interest-only period, and specific uses of the cash-out proceeds were not disclosed, the transaction underscores continued lender interest in stabilized multifamily and mixed-use assets in well-located urban neighborhoods. The combination of institutional bank financing, long-term local ownership, and strong neighborhood fundamentals frames this refinance as a balance-sheet and capital-structure optimization for the Beal ownership group.
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