RRA Capital Closes $24 Million Loan to Revitalize Multifamily Portfolio in Chicago
17 Julio 2024 - 10:27AM
Business Wire
RRA Capital is pleased to announce the successful closing of a
$24 million bridge loan to finance five multifamily properties in
Chicago. This diversified portfolio encompasses 162,087 rentable
square feet, featuring four retail suites and 182 multifamily units
across three distinct Chicago neighborhoods.
The borrower plans to leverage RRA Capital's future funding
facility to finance select unit upgrades and exterior enhancements
to revitalize and enhance these storied properties. The loan
structure offers $24 million in non-recourse, interest-only
financing with two extension options, providing flexibility and
financial stability. This deal showcases the effectiveness of
bridge loans in facilitating significant real estate investments
and improvements.
Drew Schneider, Senior Director of Debt Investments at RRA
Capital, emphasized the relevance of this transaction: "We are
excited to support the borrower in their mission to enhance these
properties and invigorate these vibrant Chicago neighborhoods. Our
customized financing solutions enable substantial value-add
opportunities, ensuring long-term success for both the portfolio
and our borrower."
This deal, arranged in collaboration with Hirsch Simins,
Managing Director at Lument, underscores RRA Capital’s dedication
to fostering multifamily investments and community development
through innovative and flexible funding solutions.
About RRA Capital
RRA Capital is a nationwide commercial real estate lender,
specializing in bridge loans and structured finance solutions
between $5-40 million. With a focus on value-add opportunities and
a commitment to the team's success, RRA Capital delivers customized
financing options that meet the unique needs of real estate
investors and developers. Visit www.rracapital.com to learn
more.
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Hallie White Director of Marketing hwhite@rracapital.com