Lument Provides $90.6M in Loans for Refinancing of Chicago Multifamily Portfolio

CHICAGO — Lument has provided $90.6 million in Fannie Mae DUS loans for the refinancing of four multifamily communities totaling 654 units in Chicago. The loans replace existing life company debt for the borrower, BJB Properties, a Chicago-based operator. Evan Hom of Lument originated the loans, which feature fixed interest rates, seven-year terms and 35-year amortizations. In addition to providing permanent financing, the loans provide cash-out proceeds for the borrower. According to Lument, 96 percent of the portfolio is housing that is accessible and affordable. The assets are all located in the Lakeview neighborhood and include 424 W. Diversey, 451 Wrightwood, 443 Wrightwood and 517 Oakdale. All of the properties were built in the late 1920s.