The loan, provided by an unidentified insurance company, replaces a $2.36-million mortgage in place since April 2000, according to property tax records.
Financing was arranged by Chicago-based Aries Capital, with Brad Lichtenheld of Mid-North Financial as correspondent.
The property at the corner of Clark and Webster streets has 11,000 sf of commercial space, all leased, with a Blockbuster video store and Lakeview Pet Shop occupying nearly half the space. The upper two floors consist of 28 100%-occupied apartments featuring high ceilings, hardwood floors and exposed brick walls.
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