High Leverage Bridge
The proposed transaction is part of a larger acquisition of six properties (Chicago Portfolio) located in the South Shore neighborhood of Chicago. The six properties are being sold by East Lake Management & Development Corp who are also based in Chicago, IL. The properties were built between 1920 and 1948 and have been well maintained per the property condition report. None of the properties ever had LIHTC credits however 215 units operate with a HAP contract.
KeyBank CDL provided $22.6MM High Leverage Bridge Loan (“HLB”) with an 18 month term to facilitate the acquisition of 6900 & 6920 South Crandon Ave properties which consist of two existing contiguous properties with a total of 217-unit affordable housing units located on the South side of Chicago, IL