Lument Provides $110.8 Million in Financing for Chicago Portfolio

CHICAGO — Lument has provided $110.8 million in Fannie Mae DUS loans for six-property portfolio in Chicago. The funds will be used to refinance existing bank debt for the sponsor, Chicago-based owner-operator BJB Properties. Roughly half of the units have been set aside as affordable housing for residents earning at or below 80 percent of the area median incme.

The six Fannie Mae loans refinanced the following properties:

• 244 E Pearson, a 223-unit property in the Near North Side neighborhood of Chicago.
• 1036 N Dearborn, a 135-unit community in Near North Side.
• 320 N Michigan, a 119-unit asset located in Chicago’s Loop neighborhood.
• 1246 W Pratt, a 123-unit complex in the Rogers Park neighborhood.
• 11 W Division, a 110-unit community in Near North Side.
• 1939 N Lincoln, a 59-unit community located in Lincoln Park.

All the loans carry fixed interest rates, 10-year terms and 35-year amortization schedules. Five loans are full-term interest only and one features five years of interest only. Evan Hom of Lument led the transaction.