Avana Companies recently closed a $4,600,000 cash-out refinance loan to an investment firm on a multi-Tenant industrial property built in 1973 located in Chicago, IL. The investors acquired the property in 2018 for $2.82MM. They were able to acquire the property for an attractive price because the property was vacant at the time of acquisition.
Since then they have invested in the interior of the space as well as the exterior. Also, they are planning to include more units to the space once they get approval from the City of Chicago. The property is 100% occupied with multiple tenants having options to extend their respective leases.