KENDALL REALTY ADVISORS LLC

KENDALL REALTY ADVISORS LLC
EVANSTON - CHICAGO - ORLANDO - PORTLAND, OR

Friday, August 12, 2011

Apartment Loan Chicago


Kendall arranges $2,100,000 first mortgage on Glenlake Apartments. The property was original rehabbed at a cost of close to $5,000,000 but the condo lender Private Bank discounted the loan by $1,000,000 and released another $500,000 from the property loan.

The borrower was given 12 months to receive a discounted pay-off by the original condominium construction lender. Several banks declined the loan but Kendall was able find a lender for the borrower even if he had very high leverage.

Kendall arranged a loan and it closed within two month from the signing of the bank agreement.

The loan is fixed for 3 years at 5%.

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