Hunt Real Estate Capital has secured financing for two communities in Chicago’s Bronzeville neighborhood, which encompasses mostly vintage buildings. The two Freddie Mac loans total $7.4 million and feature a 20-year fixed-to-floating rate followed by a 30-year amortization schedule. Both transactions will have a Tenant in Common structure with both parties owning 50 percent of each property.
A $4.2 million loan financed the Bronzeville North portfolio, which contains 53 units located at 4340, 4343, 4501, 4846 S. Michigan Ave. and 4915 and 4919 S. Calumet Ave. The properties were built between 1896 and 1911 and are 94 percent occupied.
The other loan of $3.2 million helped acquire five townhomes located at 5726, 5730, and 5901 S. Prairie Ave., 5216 S. Michigan Ave. and 6152 S. Evans Ave. The 37 units feature a 92 percent occupancy rate.
All properties come with parking and in-unit washers and dryers. They are located one and a half blocks away from two METRA public transportation stations, on 47th and 51st streets, and near interstates 90 and 94.
Last month, Hunt Real Estate arranged a $6.2 million loan for another vintage multifamily property located at 5001-5009 N. Ashland Ave., less than 20 miles north from the Bronzeville communities.
Image via Google Street View