For more than 30 years, these long-time CIC borrowers have operated and managed many properties in the Chicago area. Since first becoming borrowers of CIC’s multifamily program in 1992, they have returned for additional loans totaling over $9 million.
Currently, the family business owns and manages 500 units in Edgewater, Rogers Park, Oak Park, and the south suburbs. The borrowers were looking to expand their presence in the south suburbs and needed flexible financing to make the deal work. CIC’s Mezzanine Debt loan product financed the purchase of the 24-unit building at 90% LTV, which was critical to the deal.
CIC’s Mezzanine Debt not only helped these local developers grow their portfolio but also helped to preserve high-quality rental units in a desirable location. Building tenants will enjoy the exceptional nearby schools, and large green spaces including Midlothian Meadows Forest Preserve, Oak Forest Historical Preserve, a public golf course, and other nearby amenities.
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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