Alliant Capital Refinances Two Chicago Properties
- Mar 19, 2010
Stamford, Conn. – March 10, 2010 — Alliant Capital LLC made a $1.6 million refinance of Kedzie Boulevard Apartments, an 18-unit garden-style apartment community, and a $1.1 million refinance of East 42nd Street Apartments, a 23-unit mid rise. John Marr, senior vice president of the Alliant Capital Conn. office, closed both transactions on behalf of a private borrower.
“Chicago is a strong market, attracting a wide variety of investors because of its wide-ranging economic climate,” says Marr. “Being diverse is a major factor contributing to the growth and stability of the market.”
This was the first Fannie Mae loan the sponsor utilized, after working exclusively with a local lender for the past 15 years. Alliant Capital’s small-balance program provided the investor access to programs and terms historically available only to institutional buyers, notes Alliance Capital. As the local bank lending environment remains challenging for private investors, the borrower was able to receive the financing needed to complete the transactions. It was this Fannie Mae capability that attracted American Street Capital, a client advisory firm based in Chicago specializing in securing financing for income-producing properties, to partner with Alliant Capital and broker both transactions.
“As a broker, we always look to a lender who appreciates working with a third party to make the entire process easy and efficient,” says Igor Zhizhin, principal of American Street Capital. “Even in these difficult times, John Marr and his team consistently offer competitive pricing and an effortless process. We value this relationship and continue to look at them as a preferred lender on our Fannie Mae transactions.”
Kedzie Apartments are located in the Logan Square neighborhood. The property was built in 1893 and offers one, two and three bedroom units. East 42nd Apartments include two- and three-bedroom units and was built in 1899.