Capital One Provides $7.5M Refinancing for Apartment Building in Chicago
CHICAGO — Capital One has provided a $7.5 million Freddie Mac small balance loan for the refinancing of a 17-unit apartment building in Chicago’s Wicker Park neighborhood. The borrower, Saxony Capital, purchased the property in January 2018 and renovated it with new appliances, flooring and cabinets. The company also added nine new units and modernized the street-level retail space. Vincent Punzi of Capital One originated the 20-year loan, which features a fixed rate for the initial five years and a floating rate thereafter. The loan also features interest-only payments during the first five years followed by a 30-year amortization schedule.