For the last nine years, these local developers have invested in multifamily and mixed-use properties in the Evanston submarket and the northside of Chicago. When looking to increase scale in another stable suburban area, they partnered with CIC and used its Mezzanine Debt loan product to refinance their existing property and purchase a second property in a single transaction. Through this partnership, they were able to benefit from a Mezzanine Debt loan which reduced their equity requirement.
The Des Plaines properties are CIC’s first deal pairing CIC Mezzanine Debt loan product with a non-CIC first mortgage. The Mezzanine program offered the flexibility required to finance two properties in Des Plaines with a total of 33 units with agency debt and CIC Mezzanine Debt for a combined loan-to-value of 84%.
Located in a community of around 60,000 residents, both properties are located near high-ranking elementary schools, the Cook County Forest Preserve, and sit within 45 minutes of downtown Chicago via Des Plaines Metra station. This transaction provided an ideal opportunity to create and preserve quality rental units in a high-cost and desirable market, which has seen a steady rise in asking rents.
Contact CIC today to see how we can make your next deal a success using our flexible Mezzanine Debt, now with a new lower interest rate!
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