NorthPoint Capital – Chicago, Inc., one of the NorthPoint Capital group of companies, has refinanced an $11,650,000 loan on a combination of adjacent retail and office buildings in Chicago, Illinois.
Originally constructed in the 1920s and renovated to its current use in 2007, this 77,613-square-foot property consists of four four-story loft buildings. It is located at the high-traffic intersection of North Clybourn Avenue and North Kenmore Avenue in Lincoln Park.
“Chicago’s Clybourn Corridor continues to grow as a retail center, after historically housing industrial businesses. It is one of the most exciting retail markets in the city,” says Keith A. Volgman, President of NorthPoint Capital. “It also offers loft office space within walking distance of some of the finest residential areas of Chicago,” he continues.
NorthPoint Capital arranged the non-recourse loan through a correspondent life insurance company, with the rate locked at 3.27%. The loan was fixed for a term of 20 years with a 20 year amortization schedule. The borrower was a local repeat client. Paul Walschlager, Vice President of NorthPoint Capital – Chicago, Inc., arranged the financing.