The 4520 N. Clarendon Apartments was built in the 1920s and overlooks Lake Michigan and Lake Shore Drive. Charter Municipal Mortgage Acceptance Co., PW Funding Inc. wrote the mortgage at 4.85% interest. At 48% loan-to-value, the mortgage pegs the market value of the property at $6.25 million. Occupancy is high and rent levels healthy compared to other submarkets, according to PW Funding.
Meanwhile, Paragon Real Estate Equity and Investment Trust, which has embarked on a value-added approach to real estate investing, got a 10-year loan from KeyBank Real Estate Capital at a fixed rate of 5.87%. Paragon Real Estate Equity and Investment Trust pulled about $1.3 million in proceeds out of refinancing Richton Trail Apartments.
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