RRA Capital Closes $24 Million Loan to Revitalize Multifamily Portfolio in Chicago
In a significant move for Chicago’s real estate landscape, RRA Capital has successfully finalized a substantial bridge loan to rejuvenate an extensive multifamily property array in the city. This ambitious venture, culminating in a $24 million financial package, targets the revitalization of five multifamily properties that collectively span 162,087 rentable square feet. Included in this portfolio are four retail suites and an impressive count of 182 multifamily units, distributed across three distinctive neighborhoods within Chicago.
The strategic plan involves leveraging RRA Capital’s robust future funding facility, aiming to allocate finances for selected unit upgrades alongside exterior improvements. These endeavors are projected to not only rejuvenate but substantially elevate the profile and appeal of these historical properties. The loan’s structure is designed with flexibility in mind, offering non-recourse, interest-only financing complemented with two extension options. This configuration underscores the pivotal role of bridge loans in enabling substantial investments and enhancements within the real estate domain.
Drew Schneider, Senior Director of Debt Investments at RRA Capital, expressed enthusiasm about the project, noting, “We are excited to support the borrower in their mission to enhance these properties and invigorate these vibrant Chicago neighborhoods. Our customized financing solutions enable substantial value-add opportunities, ensuring long-term success for both the portfolio and our borrower.” This sentiment reflects the collaborative spirit and tailored approach RRA Capital adopts in facilitating such significant real estate endeavors.
The facilitation and closure of this deal, in partnership with Hirsch Simins, Managing Director at Lument, highlight RRA Capital’s commitment to championing multifamily investments and catalyzing community development. Through offering innovative and flexible funding options, the firm stands at the forefront of empowering real estate investors and developers to achieve their project objectives and contribute positively to the community’s fabric.
About RRA Capital
RRA Capital is an acclaimed leader in the nationwide commercial real estate lending space, with a sterling reputation for specializing in bridge loans and structured finance solutions targeting the $5-40 million range. The company’s focus is squarely on facilitating value-add opportunities, driven by a dedication to team success and a keen understanding of the intricate needs of real investors and developers. RRA Capital is synonymous with delivering tailored financing options that resonate with the strategic goals of its clients, fostering successful outcomes in complex real estate ventures.
