Inland Mortgage Capital is pleased to announce the closing of a $9,455,000 non-recourse loan on a mixed-use property in the Lincoln Park neighborhood in Chicago. The 20,000 SF property consists of a single-tenant retail building and a public parking structure, both backed by an experienced Sponsor and Guarantor.
The vacancy of the retail at the time of the transaction posed the biggest challenge. The Borrower was facing a maturing date on its existing loan, and its retail tenant had vacated prior to the maturing date. Nevertheless, IMC took in to consideration that the property was located in a densely populated area within one of Chicago’s most desirable neighborhoods. The parking garage attached to this property is also providing a stream of revenue, even with the retail being currently vacant.
The loan will go towards refinancing current debt, as well as funding future interest reserves and leasing costs during the lease-up of the retail.