One borrower. One lender. One maturity. Five notes.
Five parcels, Bucktown / Logan Square. Each $2,000,000 at 7.50% fixed, maturing May 27, 2027.L1 Concurrent maturity permits one refinancing, not five.
| Collateral | Lender | Coupon | Balance |
|---|---|---|---|
| 1949 N Richmond St | Single lender | 7.50% | $2,000,000 |
| 1945 N Richmond St | Single lender | 7.50% | $2,000,000 |
| 2915 W Armitage Ave | Single lender | 7.50% | $2,000,000 |
| 2923 W Armitage Ave | Single lender | 7.50% | $2,000,000 |
| 2319 W Armitage Ave | Single lender | 7.50% | $2,000,000 |
| Aggregate · 5 notes | 7.50% | $10,000,000 |
Four assets, one corner. The fifth, 0.74 miles east.
One appraisal scope. One comparable set. One management footprint.G1
The coupon sits 326 bps over the 5-Year Treasury.
CMT at 4.23%.T1 Current placement: 200–250 bps over, or 6.23–6.73%, indicative.R1 The 7.50% coupon clears the top of that range by 77 bps.
Model the range. Every figure resolves live.
$10,000,000 against the indicative range, either structure. Coverage resolves on NOI entry — sourced from the rent roll, never assumed.Gap
Indicative modeling only. Not a live market feed, a rate lock, or a commitment. Final coupon, structure, and coverage requirements are established at underwriting.
Facility
$10,000,000 refinance, first lien across five parcels, rate/term or cash-out, to 75% LTV.
Term
Five-year fixed, 30-year amortization, no prepayment penalty. Single execution across all notes.
Exit
Refinance or disposition at term. Concurrent maturity preserved or restructured at borrower election.
Pricing is settled. Two items gate the term sheet.
Neither touches the spread. Both are documentation the lender requires before pricing commits.
Coverage unconfirmed
Portfolio NOI and rent roll are not yet on file. Debt service coverage cannot be finalized until current operating statements are provided.
Review requirement →Valuation pending
Concurrent maturity permits a single appraisal assignment across the concentrated collateral. Ordered during underwriting; LTV confirmed against the result.
Review requirement →Four facts proven. Three close the deal.
A verifiable coupon dislocation across concentrated collateral, executable in one transaction. Two items to a firm term sheet.
Operating package
Portfolio rent roll, three years of entity financials or returns, interim statements, and the business debt schedule. Resolves coverage.
Sponsor package
Current personal financial statement, three years personal returns, cost basis and acquisition dates per parcel. Anchors valuation and sponsor underwriting.