Inland Mortgage Capital recently closed on a $6.3 million bridge loan for a well-regarded national multifamily developer for their purchase of a lender-owned, 84-unit multifamily asset in southwest suburban Chicago.
IMC’s loan approximated 80% of the project costs. The asset was principally vacant and the loan was structured with a significant holdback for CapEx and interest reserves. The Borrower is planning a complete renovation and repositioning of the asset transforming the property from a class C property to fully renovated class B/B+.
