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Essex Capital Markets, LLC has arranged the refinancing of a two-building, 90-unit multifamily portfolio in Chicago’s Lincoln Park neighborhood on behalf of a longtime ownership group that owns and operates under the name Beal. The assets are located at 2200–20 N. Clark Street and 540–48 W. Surf Street, both within one of Chicago’s most established rental submarkets.
Working through a competitive financing process, Essex Capital Markets secured a $20.8 million loan from a national banking partner. The new debt carries a 5.35% interest rate and was structured at a 75% loan-to-value ratio. The financing also includes one year of interest-only payments, providing the sponsor with an initial period of reduced debt service obligations. In addition to the rate and leverage, the execution generated meaningful cash-out proceeds for the ownership group.
The portfolio is composed of two distinct multifamily assets that together total 90 residential units. The property at 2200–20 N. Clark Street is a 35-unit mixed-use building, while 540–48 W. Surf Street is a 55-unit multifamily property. Both assets are owned and operated by the Beal group, which has held the portfolio long term.
Directors Asher Motew and Quinn Keenan of Essex Capital Markets led the assignment and facilitated the transaction on behalf of the sponsor. By running a competitive process among potential lenders, Essex Capital Markets was able to secure terms that balanced leverage, pricing, and structure for the ownership group.
The properties benefit from their location in Lincoln Park, a neighborhood characterized in the article as having durable renter demand. The portfolio’s position near DePaul University, along with walkable retail corridors on Clark Street and access to the lakefront, contributes to its appeal for residents. These location attributes supported the refinancing and helped the sponsor obtain favorable loan proceeds and structure.
The transaction underscores ongoing lender interest in well-located multifamily assets in established neighborhoods such as Lincoln Park. With bank financing available at a mid-5% interest rate and moderate leverage, the Beal ownership group was able to recapitalize the portfolio, lock in new debt, and extract cash while maintaining its position in the Chicago multifamily market.
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